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- Canadian Imperial of Commerce (based on Bloomberg)
Pair's Outlook
On Friday the European single currency failed to advance against the Yen for the fifth consecutive day, as the bearish bias caused the pair to fall below the 116.00 level and breach the monthly PP. However, the cross opened with a bullish gap today, somewhat preserving the monthly pivot point as a support level. No significant movement is expected today, but in case bears take over the market and the immediate support fails to prevent the EUR/JPY from declining, the weekly PP and the 20-day SMA around 115.00 are expected to succeed. Technical indicators retain mixed signals, suggesting the Euro could edge a few pips higher, with the nearest resistance being out of reach.
Traders' Sentiment
There are 58% of all open positions being long today (previously 60%), whereas three quarters (75%) of all pending orders are to sell the Euro.
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