- UBS (based on Reuters)
The EUR/JPY pair edged up yesterday and settled at 135.04, the weekly PP, which prevented the cross from advancing. As predicted, the single currency remained in a tight range between the weekly PP and 20-day SMA. Moreover, technical indicators are neutral, meaning that the pair is likely to keep trading within the borders of those two levels, however, at a lower level than yesterday. If by any chance (which is unlikely) the pair rushes in either direction, it will encounter either resistance at 136 or support around 134.
Even though the share of Euro-bulls increased, the change was only one percentage point, from 47 to 48%. The distribution between the buy (49%) and sell (51%) orders remains unchanged.