- JPMorgan Chase Bank (based on CNBC)
Indeed, the strong resistance cluster pushed the EUR/JPY cross down yesterday, but not as far as anticipated. Immediate support at 135.63 was able to prevent the pair from falling deeper, although it is doomed to fail today. A sharp sell-off is expected today, with the nearest significant support located around 134.50. Nevertheless, the volatility might extend even beyond the 134 level, as the single currency began to undergo a correction. Technical studies, contrariwise, are showing bullish signs in the daily timeframe.
Bearish market sentiment among SWFX traders remains unchanged at 55%. At the same time, the percentage of orders to acquire the Euro decreased dramatically, from 57 to 26%.