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Pair's Outlook
Upon reaching the 113.60 level this week, the EUR/JPY has been struggling to edge higher. Yesterday, the pair inched closer to the 113.00 mark, but risks are still skewed to the downside. Support at 113.00 appears to be strong, even though technical studies imply that a breach is possible. In this case a possible psychological support will be the 112.50 level, as it prevented the pair from slumping during the previous week. Meanwhile, the nearest real solid support is located only around 111.75, namely the weekly S1 and the Bollinger band, but no impetus is present today for a drop that low.
Traders' Sentiment
Market sentiment remains bullish, with 66% of all open positions being long. Meanwhile, the portion of sell orders barely changed, having fallen from 53 to 52%.
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