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- Commonwealth Foreign Exchange Inc. (based on CNBC)
Pair's Outlook
Although at some point EUR/JPY fetched some 60 pips below the weekly PP yesterday, the immediate support at 135.60 was left intact. Accordingly, today we will be looking for a rebound. Considering the mixed technicals, the rally is likely to be shallow, limited by the 55-day SMA at 136.15. Additional resistance in case of a stronger reaction is at 136.68/64, represented by the monthly pivot point and 100-day SMA.
Traders' Sentiment
The difference between the amounts of bulls and bears contracted even more, down to mere two percentage points. Meanwhile, the buying pressure might increase, as the concentration of buy orders increased from 47 to 61%.
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