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– Mizuho Asset Management (based on Bloomberg)
Pair's Outlook
The Euro experienced another rally against the Yen yesterday, easily reclaiming the 115.00 major level. The given cross is poised for another surge, with the bullish trend expected to last until the 117.00 mark is reached. Technical studies in the daily timeframe are bolstering the possibility of another leg up, but the weekly ones are unable to confirm the medium-term outlook. The EUR/JPY currency pair is to face a resistance area around 115.85, represented by the 50% Fibo and the weekly R3, which might be a turnaround point for the current bullish trend. Consequently, gains are unlikely to exceed this level today.
Traders' Sentiment
Today 70% of all open positions are long, compared to 69% on Wednesday. Meanwhile, the share of buy orders inched up from 50 to 56% over the day.
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