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– Commerzbank (based on FXStreet)
Pair's Outlook
The EUR/JPY cross experienced mild volatility on Wednesday, but with the European currency weakening against the Japanese Yen that day with an 18-pips shift. As a result, the pair reconfirmed the 113.00 psychological support, which is now expected to trigger a rebound. In case the 113.00 mark fails to keep the pair from declining, the Euro will likely find support around 112.60, where the weekly S1, the Bollinger band and the 23.60% Fibo rest. A possibility of a bearish development exists, as technical studies retain mixed signals. However, in case bulls prevail, the immediate cluster, formed by the weekly PP and the 20-day SMA, is expected to allow the pair to keep appreciating.
Traders' Sentiment
Bullish traders sentiment remains unchanged at 66%, whereas the share of sell orders increased from 46 to 54%.
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