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EUR/JPY weighed down after Greek enthusiasm gone

© Dukascopy Bank SA
"Basically we think the euro will fall today. People are worried this will not get through the Greek parliament. A lot will also depend on the scale of outflows from the banks." 
- Credit Agricole (based on CNBC) 

Pair's Outlook 
On Monday, the Euro appreciated against the Japanese Yen after finding support in face of the weekly PP. In turn, the pivot point caused the cross to rebound and almost reach the weekly R1 at 140.72. The 140 major level, however, has limited the gains yesterday. The single currency is already suffering serious losses, despite all fundamentals exceeding expectations to the upside. The immediate support cluster is failing to stop the fall, thus, we might see a drop down to the weekly S1 at 138.19. Meanwhile, technical studies are giving mixed signals in the daily timeframe. 

Traders' Sentiment 
Market sentiment has reached a perfect equilibrium, while the sell orders dominate the market with 84%.
© Dukascopy Bank SA


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