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– Dai-ichi Life Research Institute (based on Reuters)
Pair's Outlook
The Euro edged up against the Yen for the fourth consecutive time yesterday, meeting resistance at 114.00. The same group of levels, namely the monthly PP, the 38.20% Fibo, the weekly R1 and the 55-day SMA, keep providing immediate resistance, but this time trade could close with the cross reaching 114.69—the highest level of the immediate resistance cluster. Opposed to this, technical indicators retain bearish signals, although no impetus that could push the given pair significantly lower is present. The base case scenario is still a rally, with gains limited around 114.30.
Traders' Sentiment
Today only 54% of traders have a positive outlook towards the Euro (previously 66%). At the same time, the number of orders to purchase the single currency declined from 56 to 45%.
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