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EUR/JPY slumps despite Monday's surge

© Dukascopy Bank SA
"The downward trend (in the euro) is continuing and it seems like it will be very difficult to stop."
- Morgan Stanley (based on Reuters)


Pair's Outlook 
Yesterday the currency pair tested the monthly S1 level, which managed to prevent advancement of the price, and settled at the lower Bollinger band around 131.43. Although the technical indicators are emitting neutral signals, the single currency is still likely to decline today, as most of the European data worsened today, whereas the Japanese figures improved. A significant support cluster lies around 129.85.

Traders' Sentiment 
Though not as strong as yesterday, but sentiment among the SWFX traders remains bullish with 58% of positions being long. In the meantime, the distribution between commands to buy and sell the Euro has reached a perfect equilibrium.
© Dukascopy Bank SA


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