- Credit Agricole SA (based on Bloomberg)
The Euro remained completely unchanged against the Yen on Monday, as there were no market movers present. Consequently, no significant level was pierced that day, leaving the pair vulnerable to a still anticipated decline. The closest area to prevent the European currency from sustaining sharper losses is located at 113.47, represented by the weekly PP. At the same time, a strong resistance cluster rests around 115.75, namely the weekly R1 and the monthly PP, but the cross is unlikely to recover from its current intraday low. Technical studies, however, are unable to confirm either scenario.
Traders' sentiment slightly improved over the day, as 59% of all open positions are long (previously 53%). Meanwhile, there are 61% of all pending orders in the 100-pip range to sell the Euro (up from 54%).