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    EUR/JPY attempts to negate Tuesday's losses

    © Dukascopy Bank SA
    "The recent rebound in the euro and the oil price, along with a jump in bond yields appears to have prompted a slight change in policy on the part of the ECB, after the surprise announcement by Benoit Coeure that the central bank would be looking to front load its bond buying program." 
    - CMC Markets (based on WBP Online) 


    Pair's Outlook 
    Despite strong volatility to the upside, the EUR/JPY currency pair still ended up declining yesterday. However, the Euro lost only eight pips against the Yen, as the weekly S1 managed to stop the fall. Nevertheless, a rally should still take place today, as technical indicators retain bullish signals. The closest resistance is located at 134.82, represented by the 20-day SMA, although the weekly PP is still a much more reliable level. If the weekly PP gives in, we might even see a hike towards the 136 psychological level. 

    Traders' Sentiment 
    Bulls and bears maintained the perfect equilibrium for the second day today. The share of commands to acquire the Euro increased by ten percentage points. The orders now take up 63% of the market.
    © Dukascopy Bank SA

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