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    EUR/JPY extends rally for the seventh day

    © Dukascopy Bank SA
    "The continued improvement in credit supply conditions bodes well for the sustainability of the euro area recovery overall."  
    - RBC Capital Markets (based on CNBC)


    Pair's Outlook 
    The Euro managed to overcome the monthly PP and edge even higher for the sixth day in a row yesterday. The EUR/JPY cross reached a daily high of 130.68, but settled just under the weekly R1 at 130.32. Technical studies retain bearish signals; however, the pair is expected to climb up again. The weekly R1 and the Bollinger band are unlikely to stop the rally, but slow it down, hence; the single currency should stabilise between 131.00 psychological level and the resistance cluster around 131.50. 

    Traders' Sentiment 
    Market sentiment remained unchanged, with 56% of traders still being long the Euro. The gap between buy and sell orders widened. Today 74% of all commands are to purchase the single currency.
    © Dukascopy Bank SA

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