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- Commerzbank (based on CNBC)
Pair's Outlook
Last Friday, the Euro behaved according to the forecast, as it declined towards the support cluster at 139.20. However, today, apart from the weekly PP and monthly R2, this cluster is now bolstered by the 20-day SMA. As a result, the EUR/JPY cross is likely to find sufficient support and rebound, with the nearest resistance now located at 140.72, represented by the weekly R1. Meanwhile, technical indicators are giving bullish signals, suggesting the given pair is to appreciate by the end of the day.
Traders' Sentiment
Bulls regained some confidence, as 53% of traders hold long positions today. At the same time, the number of commands to acquire the single currency increased from 54 to 67%.
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