© Dukascopy Bank SA
- UBS (based on Business Recorder)
Pair's Outlook
The EUR/JPY cross behaved according to expectations yesterday, as trade remained within the borders of the expected levels. The Buck closed in front of the 123.00 mark on Wednesday, right in front of the 20-day SMA, which is now providing immediate resistance. In case this level is pierced the next resistance area will be the cluster around 123.70, represented by the weekly and the monthly PPs. However, the pair has been sliding down for two weeks straight, thus, a bearish development today is not out of the question, where the demand area just under the 122.00 mark is likely to be the bottom floor.
Traders' Sentiment
For the third consecutive day market sentiment remains at the perfect equilibrium, while the number of orders to acquire the US Dollar increased from 51 to 58%.
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