Dukascopy - Analytics

Dukascopy

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EUR/JPY remains bullish

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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 shot to the north on Tuesday, rebounding from the weekly PP at 132.41 and reaching the weekly R1 at 134.67 throughout the day. This month, the Yen depreciated versus the Euro for 192 pips on the monthly chart. It looks like the 55– day SMA will cross the rest 100– and 200– day SMA's sooner or later, since it is pointing to the south, while the rest are neutral.


 Traders' Sentiment
The sentiment has not changed majorly from the last update, 54% of all are holding long positions. Yet, the 50– and 100– pip pending orders are generally bearish now. Respectively, 40% of traders expect the pair to slide lower in a 50– pip range.
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