Daily outlook - EUR/JPY slips to March 2016 high
- In accordance with expectations, the Euro continued to depreciate against the Japanese Yen until the currency pair reached a support set up by the March 2016 high at the 128.18 level.
- Afterwards, the rate made a rebound and started to move in the upward direction similarly as it did yesterday.
- A release of the US macroeconomic data has only given an additional impulse for this upside movement.
- Most probably, the surge will be stopped near a combination of the 55-hour SMA and the monthly S1 at 128.79.
- However, even if the rate manages to sneak to the top, the Yen is going to try to restore some of the lost positions after the markets will calm down.
- The fact that the currency pair, generally, should continue to slip to the bottom is supported by 67% of traders with bearish sentiment.
