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EUR/JPY appreciates on pre-ECB hype

© Dukascopy Bank SA
"It would be a big surprise if the ECB fails to take further action in December." 
- Oxford Economics (based on CNBC) 

Pair's Outlook 
Although the Euro advanced only four pips against the Yen yesterday, this rally was sufficient to bring the given cross back inside the channel's borders. Technical studies are now giving bearish signals in the daily timeframe, but the single currency is still expected to outperform the JPY. Immediate resistance is represented by the weekly PP at 130.24, while the support remains in face of the channel support line (now at 129.95). Meanwhile, the base case scenario is a close around 130.40. 

Traders' Sentiment 
Less than three quarters (71%) of all open positions are now long. Meanwhile, the number of orders to acquire the Euro increased by two percentage points, now taking up 53% of the market.
© Dukascopy Bank SA


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