© Dukascopy Bank SA
- based on Daily FX
Pair's Outlook
The common European currency is in its third consecutive session of depreciation against the Japanese yen, as the currency exchange rate had fallen below the weekly S1 at 112.93 and traded at 112.77 by 10:45 GMT on Thursday. The pair will most likely move lower, as weakness from the European Union is incoming. Due to that and from a technical aspect, the exchange rate will move to the second weekly support, which is located at 111.77.
Traders' Sentiment
Traders have become bullish on the pair, as 54% of open positions are long on Thursday, compared to 50% yesterday. Meanwhile, orders have become neutral on Wednesday.
© Dukascopy Bank SA