- Mario Draghi, ECB (based on FXstreet)
The EUR/JPY cross edged down yesterday, but more than anticipated. Losses were almost double of the forecast, as the pair crossed the 135 level and stabilised at 134.59. Nevertheless, the correction was just a minor setback, as the Euro is expected to maintain its rally today. Technical indicators are giving distinctly bullish signals, bolstering the positive outcome, while the closest resistance retains its positions at 135.64, the 38.20% Fibo. A surge further than 136 is unlikely, as that psychological level prevented the pair from rising in the past.
Today 44% of all positions are long, compared to 44% yesterday, whereas the number of buy orders increased from 34 to 48%.