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Pair's Outlook
Friday ended with the European single currency outperforming the Japanese Yen and the immediate resistance failing to hold the gains. Nevertheless, the EUR/JPY cross is now likely to attempt to negate all of Friday's gains, despite the monthly S1 acting as the nearest support now and being reinforced by the weekly PP. Technical indicators are also bolstering the possibility of the negative outcome, as they retain bearish signals. The second support area is located around 112.40, represented by the weekly S1, the Bollinger band and the 23.60% Fibo, but a drop that low is not yet expected.
Traders' Sentiment
Market sentiment improved once again, with bulls taking up 68% of the market, compared to 66% previously. At the same time, the portion of buy orders inched up from 55 to 62%.
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