Dukascopy - Analytics

    Dukascopy

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    EUR/JPY cuts the gains

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    "In agreement with significant concessions for Greece may raise the perception of risks in Spain, resulting in significantly greater downside risk for the euro."
     - Jefferies (based on Reuters)


    Pair's Outlook
    The EUR/JPY pair's intraday bias remains neutral currently. Yesterday the cross met a strong resistance line at 136.0, the monthly Pivot point. The bullish momentum failed to continue today as a step back were led by the bears. In case of a eventual break, the path should be opened toward the weekly R1 level at 136.71. In contrary, the next support level is placed at weekly PP at 135.19.


    Traders' Sentiment
    The pair is being sold by half of the market participants for a week now. 41% of all are willing to buy the pair once it declines 50– pip to the downside. Meanwhile, the 100– pip pending orders are placed to buy for 70% of the case.
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