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    EUR/JPY extends a rally

    © Dukascopy Bank SA
    "Given all the measures that have been introduced by the ECB and signs of bottoming in data, there is a good chance Mr Draghi will give a more upbeat assessment of the economy." 
    - IG Securities (based on WBP Online)


    Pair's Outlook 
    The cross extended its rally for the second day, although the gains were limited by the 20-day SMA. The Euro appears to be on the path of recovery, as it has been generally rising since Mar 15. The technical studies are emitting bearish signals, bolstering a negative outcome for the common currency, despite mostly strong fundamental data releases today. The support level now rests around 129.84, represented by the monthly S2. 

    Traders' Sentiment 
    Although not as strong as yesterday, but the market sentiment among SWFX participants remains bullish, as 56% of traders are long the Euro. Meanwhile, among the orders the sell ones prevail, as they take up 59% of all the commands placed around the spot.
    © Dukascopy Bank SA

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