Dukascopy - Analytics

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EUR/JPY rebounds from the weekly PP

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"The German government can only do what it's trying its best to do - namely to convince people that the economic integration of Europe with the common currency is in the best interest of Germans."
- Finance Minister Wolfgang Schaeuble (based on Reuters)


Pair's Outlook
The EUR/JPY slid lower on Monday, however, the market bulls were strong enough to push eventually the pair higher. On the time of writing, the cross found a support level at the weekly PP at 132.41 and failed to break lower. Instead, it rebounded close to the May 2013 high at 133.79. Generally, the pair stopped trading in an oversold RSI area on Monday.


Traders' Sentiment
The market opened the new week with the remained bullish sentiment as 55% of all opened positions are long. Meanwhile, about 22% of traders hold their 50– pip pending orders short, while the 100– pip ones will be sold for 33% of all.
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