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    EUR/JPY edges closer to 131

    © Dukascopy Bank SA
    "It was essential for the Governing Council to remain firm, implementing the measures adopted without hesitation until the objectives were reached." 
    - ECB (based on CNBC)


    Pair's Outlook 
    Friday's bullish outlook confirmed itself, as the EUR/JPY cross extended its climb. However, the gains were unsubstantial, compared to the preceding day. Furthermore, the psychological level of 131 prevented the single currency from rising further. On Monday, the Euro is likely to maintain the upward momentum, while the daily technical studies bolster the short-term bullish outlook. Meanwhile, the 131 level retains its role of a significant resistance. 

    Traders' Sentiment 
    The net longs crossed zero to the negative side, as only 48% of all positions are now bullish (previously 51%). At the same time, the number of buy orders also retreated, but from 80 to 77%.
    © Dukascopy Bank SA

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