- ING (based on FXStreet)
The EUR/JPY currency pair was close to reaching a two-week high yesterday, but was pushed back down. Ultimately, the cross posted minor gains of just 13 pips; however, another attempt to stabilise at a fresh one-week high is to be made today. The 20-period SMA recently pierced the 200-period one to the upside, pointing on a possible surge above 136.00 in the near future. The 200-day SMA is now the nearest resistance, whereas a stronger cluster rests around 135.17, represented by the 20-day SMA and the weekly R1.
Trader's sentiment keeps improving, as 63% of all positions are now long, compared to 55% yesterday. The share of orders to purchase the Euro, on the other hand, takes up only 14% of the market.