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- Michael Pento, President of Pento Portfolio Strategies (based on Market Oracle)
Pair's Outlook
After a slight increase yesterday, EUR/JPY is on the downside today, en route towards S1 weekly at 94.80. In case the pair continues the long-term bearish movement, we are likely to see it striving towards 91.10, where the monthly S3 stands. However, currently the pair is in the close to the weekly forecasts, so sharp movements of the pair are unlikely.
Traders' Sentiment
It appears that market participants are attempting to break the long-term downtrend, as SWFX sentiment index demonstrates that majority (75%) of traders expect pair's augmentation in short-term. However, 25% of traders believe that the pair will continue its downfall.
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