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EUR/JPY to take a step lower

© Dukascopy Bank SA
"It is hardly surprising that safe haven currencies like the yen are under pressure. However, it is questionable how long this risk appetite will last." 
- Commerzbank (based on CNBC) 


Pair's Outlook 
The support line remained intact yesterday, as the EUR/JPY barely changed over the day, edging only 15 pips lower. However, the Japanese Yen weakened today, due to improvements in Chinese data, while the Euro was seen taking advantage of risk appetite. Nevertheless, the immediate resistance is still unlikely to reached, located around 128.60 and represented by the weekly PP and monthly S1. Meanwhile, technical studies give distinctly bearish signals, suggesting a retest of the support line is possible; but a breach is doubtful, as a number of important levels is bolstering it. 

Traders' Sentiment  
Bulls and bears once again broke out of the equilibrium. Longs and shorts now take up 51% and 49% of the market, respectively.
© Dukascopy Bank SA


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