Dukascopy - Analytics


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    EUR/JPY stuck between 129 and 129.50

    © Dukascopy Bank SA
    "The foreign exchange market has remained relatively stable in the Asian trading session. The yen has firmed modestly so far this year in part as overseas central banks have eased monetary policy which has made BoJ monetary easing relatively less aggressive."  
    - Bank of Tokyo-Mitsubishi (based on WBP Online)

    Pair's Outlook 
    The EUR/JPY cross experienced substantial volatility last Friday. The Euro remained relatively unchanged against the Yen. The pair tested the monthly PP resistance at 130.11, but ended trade at 129.33, even under the immediate resistance, namely the 55-day SMA. Technical studies are showing bearish signals, suggesting a decline on Monday. Losses should be limited by the 129 psychological level, which is also bolstered by the weekly PP. Nevertheless, we still expect the Euro to gain ground and close around 129.50.  

    Traders' Sentiment 
    For the fourth time in a row, the percentage of longs remains unchanged at 59%. Meanwhile, the number of buy orders lost nine percentage points. The commands now take up 53% of the market.
    © Dukascopy Bank SA

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