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- Bank Tokyo-Mitsubishi UFJ (based on Reuters)
Pair's Outlook
The Euro appreciated against the Yen for the fourth consecutive day on Friday. Even though the cross tested the initial resistance, ultimately the pair settled at 128.50. Today a decline is expected, and the Euro is likely to cross the 128.00 level again, while closest support lies at 127.77, represented by the weekly pivot point. Technical indicators are giving bearish signals, bolstering the negative bias.
Traders' Sentiment
Bullish market sentiment slightly deteriorated, with long positions now accounting for 58% of the market. At the same time, the number of purchase orders edged closer to the equilibrium, increasing from 30 to 47%.
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