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EURJPY – Our Euro forecast calls for further strength not only against the downtrodden US Dollar, but fairly consistent sentiment readings versus the Japanese Yen likewise favor EUR strength.
Trade Implications – EURJPY: The Euro/Yen exchange rate remains effectively range-bound, and as long as it continues to hold key support it looks to trade higher. The fact that retail traders remain modestly short likewise supports a bullish short-term forecast. And indeed the calls for EURJPY strength line up with similarly positive forecasts for other EUR pairs.
See next currency section: GOLD - Gold Prices Likely to Trade Lower as Recovery Falls Flat
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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