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Pair's Outlook
Due to lack of impetus the EUR/JPY pair remained almost completely flat on Wednesday, thus, leaving the 113.00 level intact. The cross remains on the back foot, with the weekly PP still acting as the nearest resistance just above the opening price. Moreover, technical indicators retain their bearish signals both in the daily and the weekly timeframes, suggesting the Euro is to weaken against the Yen today. The bottom level for intraday losses is the 112.50 mark, despite the nearest support located only around 111.70. However, a possibility of the 113.00 level providing sufficient support and preventing the pair from edging lower exists, resulting in a second day of flat trade.
Traders' Sentiment
Bulls now take up 67% of the market (previously 66%), whereas the share of purchase orders increased from 48 to 53%.
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