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    EUR/JPY: false hopes of a rebound

    © Dukascopy Bank SA
    "We have always placed great weight on QE as a driver of FX and finally the ECB will start it."
    - Jefferies (based on Reuters)


    Pair's Outlook 
    On Monday the Euro appreciated against the Japanese Yen for the second day in a row. As was anticipated, the single currency encountered resistance, namely the monthly and weekly PP levels, which prevented additional gains. Ultimately, the cross settled at 134.32; however, the Euro is likely to erase yesterday's rally on Tuesday. Nearest support is located around 133.20, but it is doubtful the pair is going to fall that low. 

    Traders' Sentiment
    Distribution between the long and short positions among the SWFX market participants reached an equilibrium today. Nonetheless, the buy/sell ratio slightly increased, as the percent
    © Dukascopy Bank SA

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