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    EUR/JPY to rise above 135

    © Dukascopy Bank SA
    "It is evident that improved growth was due to strengthened domestic demand. Domestic demand was certainly behind the improved growth in France and Italy, and it also reportedly held up reasonably well in Germany." 
    - HIS Global Insight (based on Reuters) 


    Pair's Outlook 
    On Tuesday, the EUR/JPY cross managed to rebound, but with the weekly PP limiting the gains. The 135 level was pierced during the trading session, but the pair had trouble staying above it. As a result, the Euro retreated from the daily high and stabilised at 134.45. As the single currency is expected to extend the rally for another day, we might see the 135 level crossed again today. The nearest resistance is now located around 135.70, namely the 38.20% Fibo and the weekly R1. Meanwhile, technical studies keep giving strong bullish signs, bolstering the possibility of a surge. 

    Traders' Sentiment 
    Bearish market sentiment remains unchanged at 57%, whereas the number of buy commands increased from 49 to 63%.
    © Dukascopy Bank SA

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