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- RIA Capital Markets (based on Reuters)
Pair's Outlook
The Euro surprised last Friday, as it sustained rather serious losses against the Japanese Yen. The EUR/JPY pair pierced the immediate support and even managed to breach the second one, until it was stopped by the 138.00 major level. Nonetheless, the cross is expected to rebound today, although the monthly R1 is now acting as the nearest resistance level at 138.12. At the same time, the weekly PP is supporting the single currency from below, limiting the fall. A small rally is likely to take place, as technical studies are bolstering the probability of a positive scenario.
Traders' Sentiment
Bearish market sentiment returned to last Wednesday's level of 54%, while the share of buy orders inched higher from 73 to 74%.
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