- CMC Markets (based on WBP Online)
Despite strong volatility to the upside, the EUR/JPY currency pair still ended up declining yesterday. However, the Euro lost only eight pips against the Yen, as the weekly S1 managed to stop the fall. Nevertheless, a rally should still take place today, as technical indicators retain bullish signals. The closest resistance is located at 134.82, represented by the 20-day SMA, although the weekly PP is still a much more reliable level. If the weekly PP gives in, we might even see a hike towards the 136 psychological level.
Bulls and bears maintained the perfect equilibrium for the second day today. The share of commands to acquire the Euro increased by ten percentage points. The orders now take up 63% of the market.