Dukascopy - Analytics


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EUR/JPY charges to 138

© Dukascopy Bank SA
"These [food price] inflation numbers fit the image of a slowly recovering euro zone economy and quantitative easing policies that are having the desired effect." 
- ING (based on WBP Online) 

Pair's Outlook 
On Monday, even though the Euro fell under the 136 level, the support cluster around 135.30 pushed the single currency back. As a result, the EUR/JPY pair gained 24 pips and stabilised at 136.80. The cross should maintain the gains through Tuesday, while the closest resistance lies at 136.96, namely the 200-day SMA. However, the SMA is unlikely to limit the gains, but a stronger cluster lies around 137.60. Meanwhile, technical studies retain mixed signals, unable to confirm the bullish scenario. 

Traders' Sentiment 
The long/short position ratio is now equal to one. The number of purchase orders almost doubled, as exactly three fourths of them are not set to acquire the Euro, compared to 38% yesterday.
© Dukascopy Bank SA

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