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- Global-info Co (based on FXStreet)
Pair's Outlook
Once again the EUR/JPY cross behaved in accordance with expectations, having fallen back under 123.00 yesterday. However, the pair managed to remain on top of the immediate support level, namely the weekly PP, which could still cause a rally today. Technical studies are bolstering this possibility, as they keep giving bullish signals. In case bulls do prevail, the 123.50 psychological resistance is expected to limit the gains, representing the upper boundary of the pair's current consolidation trend. On the other hand, the Euro risks falling deeper down, as a retest of the lower boundary is anticipated eventually, which at the moment remains out of reach.
Traders' Sentiment
Traders' sentiment remains unchanged, with bulls taking up 53% of the market. Meanwhile, the share of sell orders inched up from 50 to 51%.
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