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- ING (based on CNBC)
Pair's Outlook
On Tuesday, the EUR/JPY cross edged down, but encountered a support cluster around 130.10. As a result, the Euro was unable to breach the 130 level. Today the single currency is likely to extend losses for the third day, and the 130 obstacle will be tested once again. This barrier is hard to penetrate, although the pair has a solid chance to succeed. Meanwhile, the technical studies are bolstering the bearish outcome for the Euro.
Traders' Sentiment
Traders' outlook towards the Euro turned negative, as 58% of market participants are now short the single currency. The portion of purchase orders, on the other hand, got larger, with 54% of them set to acquire the Euro.
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