© Dukascopy Bank SA
- BNP Paribas SA (based on Bloomberg)
Pair's Outlook
There were no surprises in the EUR/JPY pair's performance yesterday, as it underwent the anticipated correction, with the weekly pivot point limiting further gains. The is seen rising due to investors taking profit of the three-week decline; therefore, all focus shifts to the second resistance area, located around 114.20. Meanwhile, technical indicators suggest the Euro is to prolong its bearish trend and undergo another decline. However, demand at the 113.00 psychological level appears to have been sufficient to cause a trend reversal, thus, even if bears take the upper hand, the exchange rate will doubtfully fall more than 40 pips.
Traders' Sentiment
Bullish market sentiment remains unchanged at 67%, whereas the share of sell orders edged down from 75 to 57%.
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