- Barclays (based on CNBC)
On Wednesday, EUR/JPY negated Tuesday's losses, as it edged up. However, the Euro did not appreciate substantially and was unable to reach the initial resistance. At the end of the trading day the currency settled at 131.05 yen. Today the single currency is likely to bounce back, despite the mixed technical studies. If the Japanese figures do not disappoint later today, the single currency should weaken against the Yen. Closest support in this case lies around 130.63, represented by the 20-day SMA.
Traders retain a positive outlook towards the Euro, as 56% of them are long the Euro. Meanwhile, the bulls plan to take an even larger piece of the market, with 67% of the orders set to buy.