- McKinsey Global Institute (based on CNBC)
Despite rather substantial volatility to the downside, the Euro remained relatively unchanged versus the Japanese Yen. The EUR/JPY cross added only five pips yesterday, as the weekly PP limited the gains. The single currency is expected to appreciate for the fourth consecutive day today, although technical studies retain their mixed signals. The nearest resistance is located around 135.93, represented by the 200-day SMA, while a much stronger cluster rests around 136.90.
Market sentiment improved for the fifth day in a row, as 53% of all positions are now long (previously 52%), whereas the buy and sell order ratio is now equal to one.