- BAML (based on CNBC)
The European currency managed to recover from the intraday lows yesterday, following the signals that technical indicators were providing. As a result, the EUR/JPY closed trade at the 13.00 major level, but is losing positions on broad Euro weakness at the moment of writing, despite safe-haven asset demand weaker than yesterday. This decline could last until the exchange rate drops to 128.82, namely the weekly S2, but taking into account recent volatility and bullish technical studies, we might even see the cross test the 130.53 mark, namely the 55-day SMA.
Today 57% of traders hold long positions (previously 58%). At the same time, the portion of buy orders edged up from 30 to 53%.