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    EUR/JPY nosedives

    © Dukascopy Bank SA
    "The rhetoric of QE has already done half the job in terms of lowering funding costs for peripheral issuers, be it SSA, FIG or corporates, without the ECB having bought anything."
    - Nomura (based on Reuters) 


    Pair's Outlook 
    Surprisingly, the EUR/JPY cross declined sharply on Thursday. The single currency breached the 20-day SMA and even the 100% Fibo with the weekly S1. Nonetheless, the pair settled at 133.68, which is notably lower than the initially anticipated stop. Moreover, technical studies suggest that the pair will continue declining and any gains will be temporary, with short-term indicators being bearish, and the weekly ones pointing directly south. The nearest targest are 132.36 and 131.17.

    Traders' Sentiment 
    The share of Euro-bulls decreased from 48 to 46%, with bears enhancing their advantage. Moreover, the sell orders are also prevailing among all pending orders with 62%.
    © Dukascopy Bank SA

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