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- Barclays (based on CNBC)
Pair's Outlook
The European currency overperformed on Monday, as it appreciated against the Yen a lot more than expected. The EUR/JPY currency pair not only pierced the two immediate resistances, but also stabilised at 137.29. Today's attempts of the cross to edge lower were prevented by the 55-day SMA at 136.79, which also causing the Euro to extends its rally. The two closest resistances already gave in, which leaves psychological level of 138.00 or the monthly R1 at 138.12 to limit further gains.
Traders' Sentiment
SWFX traders' sentiment slightly improved again, as 45% of all positions are now long (previously 44%). Meanwhile, the number of commands to buy the single currency edged higher from 58 to 60%.
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