Dukascopy - Analytics

    Dukascopy

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    EUR/JPY crawls out of the pit

    © Dukascopy Bank SA
    "We may see squeezes every now and again, but the policy backdrop more broadly remains in favour of a weaker euro." 
    - Josh O'Byrne, Citigroup (based on Reuters)


    Pair's Outlook 
    The cross experienced serious volatility on the downside yesterday, but in the end it closed only two pips above the open price. Today, the recovery is expected to continue, despite the technical indicators giving bearish signals. Closest resistance lies rather far away, at 128.66, and the pair is likely to reach 128.00 by the end of Thursday. However, we should not exclude a downside possibility of the Euro falling back under 127.00. 

    Traders' Sentiment 
    Although not as strong as yesterday, but market sentiment among SWFX traders remains bullish, with 55% of all positions being long (previously 58%). The percentage of buy orders almost doubled, as 65% of them are to acquire the Euro, compared to 32% before.
    © Dukascopy Bank SA

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