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EUR/JPY trades flat, unable to pierce weekly PP

© Dukascopy Bank SA
"Weaker Yen likely to contribute to exports, but may be some fluctuations, exports will rise gradually." 
- Haruhiko Kuroda, Bank of Japan (based on FXStreet) 


Pair's Outlook 
The European currency behaved in accordance with the forecast on Thursday, as it appreciated against the Yen. The 136.30 level, namely the weekly PP provided sufficient resistance to stop the pair from advancing. The weekly PP keeps preventing the EUR/JPY cross from climbing up today, thus, we expect the exchange rate to remain relatively unchanged, with a slight inch to the downside. A decline is also not out of the question, but a fall under 136.00 is unlikely, as it remains a strong support area. 

Traders' Sentiment 
Bulls are now in the majority, as 51% of traders are now long the Euro, compared to 42% yesterday. The percentage of orders to acquire the single currency also edged higher, from 45 to 59%.
© Dukascopy Bank SA


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