- NAB (based on CNBC)
The EUR/JPY cross behaved almost according to the forecast. The 129 psychological level was reached, but ultimately, the pair even overperformed, as the 129.50 target level was outstripped. The Euro closed at 129.58, after testing the 130 level. We are still expecting the Euro to edge up, despite technical indicators retaining their bearish signals. Immediate resistance lies at 130.15, represented by the monthly PP and the Bollinger band. The monthly PP prevented the pair from rising before and it will not surrender easily today.
Market sentiment among SWFX traders slightly worsened, as 56% of all positions are now long, compared to 59% yesterday. The number of buy orders added three percentage points up to 56%.