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EUR/JPY remains stuck between 55 and 200-day SMAs

© Dukascopy Bank SA
"Draghi's correctively dovish speech emphasised that the ECB can do more, attempting to put the ECB decision in a broader easing context." 
- Mizuho Corporate Bank (based on CNBC) 

Pair's Outlook 
On Friday, after touching both the 55 and the 100-day SMAs, the EUR/JPY currency pair ended the day with a 17-pip loss. The 200-day SMA prevented the pair from maintaining trade above 134.00 and is likely to do so again today, pushing the cross even lower. The 200-day SMA is now reinforced by the Bollinger band, providing resistance; whereas the immediate support is represented by the 55-day SMA. The next target in case the 55-day SMA gets pierced is located at 132.75, namely the weekly PP, but mixed technical studies suggest the exchange rate will doubtfully drop that low.  

Traders' Sentiment 
Today 74% of all positions are long (up from 67%), whereas the percentage of buy orders increased from 41 to 53%.
© Dukascopy Bank SA


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