Dukascopy - Analytics

    Dukascopy

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    EUR/JPY pair bears regains previous losses

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    "Nobody was wanting to have a sloppy Greek exit disrupt the markets right now in what is a fragile European economy to begin with." 
    - Wunderlich Securities (based on Reuters)


    Pair's Outlook
    Thursday trades have not brought any significant changes to the market. The cross tumbled today, letting the bears to gain back their previous losses. The upside direction is mostly limited by the 137.195– weekly R1 resistance line that should resume the bearish continuation. The broader look illustrates that the pair is still moving within the bearish flag pattern.


    Traders' Sentiment
    Half of the pairs' traders hold the long position amid their positive outlook for the European currency appreciation. Meanwhile, only few 50– pip pending orders are placed on the short side, because 80% of traders are willing to sell the EUR/JPY.
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