- Mario Draghi, ECB (based on Market Pulse)
The European currency edged down on Tuesday, with the weekly PP somewhat limiting the losses. Today the given pivot point is acting as the immediate resistance, while technical indicators retain their bearish signals in all timeframes, suggesting the pair EUR/JPY pair is to decline for the second day. The Sep low represents the closest support at 132.22, with a much stronger cluster around 131.55. However, losses will doubtfully extend beyond the Sep low, as that point succeeded in holding the losses several times in the past.
Bullish traders are now outnumbering the bearish ones, as 62% of all positions are long, compared to 49% yesterday. The portion of buy orders, on the other hand, decline from 53 to 42%.