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- Market Securities (based on WBP Online)
Pair's Outlook
The EUR/JPY currency pair started the week with a surge, almost completely erasing the previous week's losses. The cross is ignoring the immediate resistance in face of the weekly pivot point and the monthly R1, setting course to the second cluster around 132.65. The current group of resistances is strong, as not only the 20-day SMA coincides with the 55-day one, but also the down-trend, which kept the cross from rising since after the Euro skyrocketed in the beginning of December, passes through that point. As a result, the pair might retreat from intraday highs and close around 132.00.
Traders' Sentiment
Bullish market sentiment returned to last Monday's level of 52%, while the portion of sell orders added 1% point to 59%.
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