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EUR/JPY bounces back from 133.00

© Dukascopy Bank SA
"The weekend comment from Draghi was a bit more balanced and neutral than before, which is triggering some short-covering in the euro." 
- Nomura (based on Reuters) 


Pair's Outlook 
The EUR/JPY cross remained relatively unchanged over Monday, adding only 18 pips. Yet again the 133.00 major level prevented the pair from climbing higher; thus, the exchange rate is likely to decline today. The weekly PP remains the immediate support at 132.74, while the Sep low should limit the losses. However, with the bank holiday in Japan, the only thing driving the Euro down is the Spanish Employment Change data. Draghi's speech later today might push the single currency beyond the Sep low, while we expect trade to close around 132.50. 

Traders' Sentiment 
Today 51% of traders are short the Euro (previously 47%). Meanwhile, the number of buy orders edged up from 45 to 53%.
© Dukascopy Bank SA


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