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- Nomura (based on Reuters)
Pair's Outlook
For the fourth consecutive day yesterday the Euro appreciated against the Japanese Yen, but was unable to climb over the immediate resistance in face of the weekly R3. However, this level is expected to be retaken today, as technical indicators are no longer giving bearish signals in the daily timeframe. The second resistance, located around 119.75, is unlikely to be reached due to lack of a catalyst, that could spark such a strong rally. Nevertheless, the overall bias remains bullish, with the EUR/JPY cross steadily making its way towards the seven-month down-trend at 121.00.
Traders' Sentiment
There are 60% of traders being long the Euro today, compared to 61% on Thursday. At the same time, the number of purchase orders increased, as they now take up 63% of the market (previously 50%).
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