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– UBS Wealth Management (based on Bloomberg)
Pair's Outlook
On Thursday the EUR/JPY currency pair experiencing substantial volatility, ultimately remaining relatively unchanged, having lost only six-pips. Technical studies keep suggesting the cross is to edge higher, with the weekly pivot point retaining its role of the immediate resistance. Consequently, the pair is expected to remain below the 115.00 major level, but in case the nearest resistance is pierced the ten-month down-trend and the 100-day SMA are to prevent the Euro from climbing higher. At the same time, the cluster around 114.00 is to limit any possible losses, with the pair most likely remaining above 114.40, supported by the cluster's highest level, namely the 38.20% Fibo.
Traders' Sentiment
Bulls retreated again, as 57% of all open positions are long today (previously 59%). The share of buy orders remains unchanged at 52%.
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