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    EUR/JPY experiences a setback

    © Dukascopy Bank SA
    "The euro's slump comes despite the relatively constructive service PMI readings and further confirmation that Greece will make its IMF payment this week."
    - BBW (based on FXStreet)


    Pair's Outlook 
    The cross remained relatively unchanged after testing the Bollinger band at 131.31 on Monday. Ultimately, the pair dropped just three pips and settled at 130.64. The Euro has recently broken out of a descending wedge, and therefore the bias is positive. As for Tuesday, the single currency is to keep trading between 130.00 and 131.30. The psychological 130 level is unlikely to be crossed, as the pair is set to rebound. 

    Traders' Sentiment
    Bulls have reclaimed the majority of the market, as 51% of all positions are long again. The gap between the buy and sell commands narrowed, with 52% of orders set to purchase the Euro and the remaining 48% set to sell.
    © Dukascopy Bank SA

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