© Dukascopy Bank SA
- BNP Paribas SA (based on Bloomberg)
Pair's Outlook
The European currency continued to decline against the Japanese Yen on Friday, but managed to retain its position above the 113.00 major level, despite having initially reached the 112.60 mark. The Euro is now expected to undergo a small correction today, with the weekly pivot point at 113.45 acting as the closest resistance. However, technical indicators are unable to confirm the possibility of the positive outcome, as they are giving mixed signals in the daily timeframe today. In case of a bearish development losses are unlikely to exceed the 112.54 level, namely the 23.60% Fibo, which is also reinforced by the Bollinger band and the weekly S1.
Traders' Sentiment
Market sentiment remains bullish, taking up 67% of the market today. There are three quarters (75%) of all pending orders to sell the Euro.
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