- Commerzbank (based on FXStreet)
On Friday the Euro managed to recover from its intraday lows against the Yen and end the day relatively unchanged, with a ten-pip rally. With risk sentiment improving this week, we should see the EUR/JPY cross post more gains. The monthly S1 is providing immediate resistance just above today's opening level, thus, we can expect the price to reach the second target, namely the weekly PP on top of the 128.00 mark. This area might also be breached, whereas a decline towards the 2015 low is not out of the question. Technical studies, however, are in favour of the bullish scenario.
Traders retain a positive outlook towards the single currency, as 57% of them are long the Euro and the remaining 43% are short.