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EUR/JPY fails to preserve bullish momentum

© Dukascopy Bank SA
"We see the risks as skewed towards more, rather than less ECB easing." 
- Deutsche Bank (based on Forex Crunch) 


Pair's Outlook 
The EUR/JPY currency pair retested the weekly PP on Thursday, but failed to negate the preceding day's losses completely. The overall situation remains unchanged since yesterday, with the only exception being that the Euro returned above the Sep low level. Immediate support is represented by the weekly S1 at 1.5833, while the closest resistance still lies at 132.75 in face of the weekly PP. However, this time the given cross is expected to edge back down under the Sep low and even settle under 132.00, with a small possibility of trade closing at the weekly S1. 

Traders' Sentiment 
The largest part of traders are short the Euro, namely 60% of them. The portion of sell orders increased today, from 52 to 56%.
© Dukascopy Bank SA


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