- Gerry Rice, IMF (based on Investing.com)
On Monday, the EUR/JPY cross behaved according to expectations, as it edged up despite bearish technical indicators. Moreover, technical studies shifted to from distinctly bearish to mixed, suggesting the Euro is to edge higher again today. The 20-day SMA and weekly PP keep acting as the nearest resistance cluster around 135.50, but are unlikely to be reached by the end of the day. The main target for Tuesday is the area around 135.06, namely at yesterday's high.
The long and short position ratio is now equal to one. The number of orders to acquire the single currency, however, increased by 11 percentage points. The commands now take up 39%.