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    EUR/JPY remains close to Feb high

    © Dukascopy Bank SA
    "The implementation of the expanded asset purchase program is proceeding smoothly; concerns about the scarcity of bonds are therefore not warranted at this juncture."
    - Mario Draghi, ECB (based on FXstreet)


    Pair's Outlook 
    The EUR/JPY cross edged down yesterday, but more than anticipated. Losses were almost double of the forecast, as the pair crossed the 135 level and stabilised at 134.59. Nevertheless, the correction was just a minor setback, as the Euro is expected to maintain its rally today. Technical indicators are giving distinctly bullish signals, bolstering the positive outcome, while the closest resistance retains its positions at 135.64, the 38.20% Fibo. A surge further than 136 is unlikely, as that psychological level prevented the pair from rising in the past. 

    Traders' Sentiment 
    Today 44% of all positions are long, compared to 44% yesterday, whereas the number of buy orders increased from 34 to 48%.
    © Dukascopy Bank SA

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