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- Jane Foley, Rabobank International (based on Bloomberg)
Pair's Outlook
The shared European currency slipped lower against Japan's Yen, deepening a bearish correction on EUR/JPY. If bearish momentum to go on, 96.18 (Upper Support line) might become an initial support level for bearish traders. A breakout of this line would expose 95.14 (Lower Support line) and 92.93 (S2 Weekly), respectively.
Traders' SentimentTraders' sentiment remains bullish on EUR/JPY today, though it slightly weakened compared to yesterday as 65% of market participants are presently long on the currency pair and 35% of traders still expect the pair to decline further. The allocation of long and short positions points at a weakening bullish sentiment as 54% of investors expect the pair to advance over the middle term.
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