- Mizuho Bank Ltd. (based on Bloomberg)
The Euro outperformed the Japanese Yen on Thursday, having preserved the ascending channel pattern. However, the pair remains close to the channel's support line, with risks of a breakout still present. The channel's lower border is now reinforced by the weekly and the monthly PPs, reducing the chances of a breach to the downside. According to technical studies, the bullish momentum is likely to prevail. In this case, the nearest resistance to stop the EUR/JPY cross from climbing higher is located only around 126.90, but a rally that far is doubtful, amid no market movers present due to Easter holidays.
Bullish traders' sentiment returned to its Monday's level of 54% (previously 53%). Meanwhile, the number of orders to acquire the Euro dropped 3% points lower, namely from 74 to 71%.