Dukascopy - Analytics

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    EUR/JPY challenges 23.6% Fibo

    © Dukascopy Bank SA
    "At some point this week, we're going to see the single currency break from the relative resilience we've seen so far in relation to events in Greece."
    - FxPro (based on CNBC)


    Pair's Outlook
    For the time being EUR/JPY keeps trading within the boundaries of the newly formed bullish channel as a part of the pair's upward correction. However, the Euro faces significant downside risks represented by resistance at 135, which is the 23.6% Fibonacci retracement of the sell-off from the 2014 high. The negative bias is also reinforced by the daily and weekly technical indicators, but the price must close beneath 134 to confirm its bearish intentions.

    Traders' Sentiment
    The distribution between the long and short positions is perfectly unchanged; 51% of them are long and 49% are short. Meanwhile, 50 pips from the spot price the distribution between the buy and sell orders is volatile. The share of the former soared from 43 to 83%.
    © Dukascopy Bank SA

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