- Rabobank (based on CNBC)
On Friday, the EUR/JPY cross behaved exactly according to the forecast. The pair experienced some volatility, but ultimately, the Euro remained unchanged against the Japanese Yen. Today trade opened significantly lower, after a gap over the weekend. Nevertheless, we expect the single currency to regain that ground and, thus, the target level for today the 136 psychological level. However, the weekly PP lies on the way at 135.54, which is likely to intervene with the rally and could potentially limit the gains. Technical indicators, on the other hand, retain their bearish signals.
Bulls grew stronger, as 49% of positions are long today (previously 47%). Meanwhile, the share of buy orders edged up from 20 to 23%