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- Mizuho Financial Group Inc. (based on The Business Times)
Pair's Outlook
Tuesday ended with the single European currency remaining almost completely flat against the Japanese Yen, having lost less than 10 pips. A failure to post substantial losses suggests the demand cluster around 120.00, formed by the 20 and 100-day SMAs, as well as the weekly and the monthly PPs, is strong enough to keep the exchange rate afloat. The given pair has entered a phase of consolidation, with the lower boundary being the cluster circa 120.00 and the 121.50 level representing the upper border. Meanwhile, technical studies somewhat confirm the outlook, as they keep giving mixed signals in the daily timeframe.
Traders' Sentiment
Bears are barely outnumbering the bulls today, as 51% of all open positions are short. The share of buy orders inched up from 57 to 58%.
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