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    EUR/JPY sets eye on the 133 level

    © Dukascopy Bank SA
    "On balance we expect more downside pressure on the yen in the coming months and see scope for a modest upside bias in EUR/JPY to emerge."
    - Rabobank (based on FXStreet)


    Pair's Outlook
     
    On Wednesday, the EUR/JPY currency pair surged for the seventh consecutive day. The cross experienced substantial performance, as it appreciated a lot more than anticipated. The resistance cluster around 131.55 was easily breached, as the Euro tried to reach the weekly S3 at 133.06. Ultimately, the single currency settled at 131.93, just under the 23.60% Fibo. Technical studies are now showing mixed signs, while further rally is expected. The pair is likely to stabilise around the 133 psychological level, which is also backed by the weekly R3.  

    Traders' Sentiment 
    Market sentiment maintains its bullish trend, but at 54% (previously 56%), whereas the number of buy orders dropped from 74 to 61%.
    © Dukascopy Bank SA

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