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– Sillicon Valley Bank (based on Business Recorder)
Pair's Outlook
The European single currency posted solid gains against the Yen on Wednesday, climbing 68 pips higher. The EUR/JPY pair, however, was unable to maintain trade above the 116.00 major level, failing to breach the strong resistance area around it. Technical studies are now giving bullish signals, suggesting the given cross is to continue climbing higher. The Euro is located in a difficult positions, with the monthly R1 and the Bollinger band providing resistance just 25 pips above the opening price, whereas the 100-day SMA and the 50% Fibo form support just under the opening price. Taking these facts into account, the pair remaining relatively unchanged is the anticipated outcome.
Traders' Sentiment
Today 63% of traders hold long positions, compared to 65% yesterday. At the same time, the share of buy orders increased from 44 to 64%.
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