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- Alpha Strategy (based on CNBC)
Pair's Outlook
On Tuesday, the EUR/JPY currency pair behaved in accordance with the forecast, as the Euro weakened against the Japanese Yen and settled at the target level of 137.20. A slight correction is expected to take place today, due to a powerful support located just under the 137.00 psychological level. However, gains are likely to be limited by the weekly pivot point at 137.68. Meanwhile, technical indicators are showing bullish signals in both the daily and weekly timeframes, bolstering the possibility of a positive outcome.
Traders' Sentiment
Slightly more traders now have a positive outlook towards the Euro, namely 47% of them (previously 45%). At the same time, the portion of commands to acquire the single currency slid from 63 to 56%.
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