- Credit Suisse (based on Business Recorder)
There were no surprises in the EUR/JPY's performance on Wednesday, as the cross partially recovered after touching the down-trend and closed between the first and the second support levels. The pair remains caged between the two levels, with the weekly PP now providing immediate resistance at 127.91, while a tough cluster around the trend-line is to prevent further depreciation. Technical indicators are in favour of the bearish scenario, suggesting the Euro is to retest the support line.
Bulls and bears broke out of the equilibrium, now taking up 52% and 48% of the market, respectively. At the same time, the percentage of sell orders slid 20 percentage points, down to 60%.