Dukascopy - Analytics

Dukascopy

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EUR/JPY bulls dominate

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"Greece is centre-stage and the Greeks are likely to present a plan that has met with resistance. So there is a downside risk for the euro and any rallies into $1.1360 will be sold."
 - CIBC World Markets (based on Reuters)


Pair's Outlook
The pair continues to trade within the bullish channel and the market bulls tossed the Japanese Yen value higher. The cross appreciated today, heading closer to the weekly R1 and monthly PP levels at 136.01. The trading volume is being mild lately and the RSI condition is normal. In case the bears could take the leadership and pressure the pair lower, the next support level should be met at the weekly PP at 134.17, which is also the Alligator (13,8,5) jaw line.


Traders' Sentiment
The EUR/JPY pair did not lose any buyers since 51% of all traders hold their long positions since Monday. Meanwhile, the number of buyers within a 50– pip range has significantly decreased from yesterday, falling from 83% to 36%.
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