- UBS (based on CNBC)
On Thursday, the EUR/JPY currency pair was able to regain the bullish momentum, as the strong support pushed the Euro up. The single currency closed trade at 134.60, rather than 133.30, but more gains are likely to occur today. The cross has already reached a powerful resistance cluster around 137.00, which should limit the gains and possibly cause the Euro to bounce slightly back towards 136.00. Meanwhile, technical indicators are showing distinctly bearish signs, contradicting with the forecast.
Bearish market sentiment remains unchanged at 53%. At the same time, the portion of orders to acquire the Euro added 24 percentage points. The commands now take up 45% of the market.