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- Capital Economics (based on CNBC)
Pair's Outlook
Although the Euro managed to advance against the Yen yesterday, gains were still 20 pips smaller than on Monday. The EUR/JPY currency pair penetrated the 138.00 major level and was only stopped at 138.12, namely the monthly R1. Technical studies retain their mixed signals today, but another rally is expected today, as the given cross is now strongly supported by the monthly R1 and 138.00 psychological level. Immediate resistance rests in face of the weekly R3 at 138.71; however, trade is likely to close slightly lower.
Traders' Sentiment
Bulls keep gaining numbers, as 46% of traders now have a positive outlook towards the Euro. The number of buy orders, however, declined from 60 to 47%.
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