- TD Securities (based on FXStreet)
Pair's Outlook
EUR/JPY has managed to reverse direction today, thus slightly recovering its losses after the seven-day slump. However, as apparent from the hourly chart, the pair continues to trade within the bounds of a downward-sloping channel in force since mid-March. It is gradually approaching the upper channel line at 118.78, setting a possible resistance level. Another resistance is provided by the weekly PP at 119.26. It is unlikely that this level is reached today. The bottom limit is set by the weekly S1 at 118.07. Intraday technical indicators demonstrate mixed results.
Traders' Sentiment
Traders continue to decrease their bearish sentiment today, as 67% of open positions are long. However, only 36% of pending orders are to buy the pair.
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