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- Catherine Bosley (based on Bloomberg)
Pair's Outlook
The hourly chart demonstrates that EUR/JPY has been trading in the ranging market for the third consecutive day. It is expected that today the pair will continue to trade within the bounds of this range, respectively, around 119.78 and 119.17. The lower limit is likewise located at the weekly S1 in the intraday chart, strengthening this level of support. In case the Euro manages to breach this line, the next support is the lower Bollinger Band located at 118.42. It is unlikely that the pair will reverse its direction and test the upper resistance around 120.01/15. Technical indicators are bearish.
Traders' Sentiment
There are 54% of traders holding long positions today, in comparison to 56% on Thursday. In addition, 65% of set up orders are to buy the pair.
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