Dukascopy - Analytics


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    EUR/JPY hikes to the north

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    "We still think the main driver of the euro over the next few months will be QE, and policy divergence with the UK and the U.S." 
    - BNP Paribas based on Reuters)

    Pair's Outlook
    The EUR/JPY rebounded from 132,63, a trend– line formed from 25 January. The pair went 147 pips higher to the north and then met the heavy resistance line at 134.20, the 100% Fibonacci or the 28 January high. The next resistance level is located at 134.67, the weekly R1. However, in case a downward move will follow, the immediate support should be found at 133.79, the May 2013 high.

    Traders' Sentiment
    The traders' sentiment changed from highly bullish to rather bearish, as 51% of all opened trading positions are short currently. 27% of 50– pip pending orders are placed to buy and the 100– pip ones will be bought for 34% of traders.
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