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    Euro declines on stronger Yen

    © Dukascopy Bank SA
    "The yen is a classic funding currency for carry trades - in a risk intolerant environment it's always going to go up." 
    - Bank of New York Mellon (based on CNBC)


    Pair's Outlook 
    The weekly PP caused the Euro to bounce back on Tuesday and sustain heavy losses. The EUR/JPY declined 200 pips towards the 100-day SMA, but was pushed back by the support, where it settled at 134.90. Due to investors seeking for safe havens, the Yen is likely to outperform the European currency again today. Immediate support remains unchanged, namely the 100-day SMA and the Bollinger band around 133.55. Meanwhile, technical indicators retain their bearish signals, bolstering the possibility of a negative outcome. 

    Traders' Sentiment 
    Bulls retreated, as only 48% of positions are long today. The share of buy orders, on the other hand, edged up from 29 to 43%.
    © Dukascopy Bank SA

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