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EUR/JPY extends decline for the third day in a row

© Dukascopy Bank SA
"The eurogroup agreement ... for Greece has helped sentiment and risk markets have stabilised somewhat." 
- RIA Capital Markets (based on Reuters) 

Pair's Outlook 
The European currency failed to stabilise above the 138.00 major level, which in turn caused the EUR/JPY pair to decline yesterday. However, upon reaching the immediate support, the cross closed trade higher at 137.82. Nonetheless, the given support is likely to give in today, allowing the EUR/JPY to drop as low as 137.00. A strong cluster just under the 137.00 major level should limit the losses if the exchange rate reaches that far, as the single currency is expected to stabilise around 137.20. 

Traders' Sentiment 
Bearish market sentiment returned to its Friday's level of 55%. At the same time, the number of purchase orders lost 11 percentage points. The commands now take up only 63% of the market.
© Dukascopy Bank SA


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