Dukascopy - Analytics

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    EUR/JPY stuck between the 100-day SMA and 135.00

    © Dukascopy Bank SA
    "The euro's direction is probably still toward the downside." 
    - Bank of Tokyo-Mitsubishi (based on Business Recorder) 


    Pair's Outlook 
    As expected, the Euro declined for the fifth consecutive day last Friday, but was unable to reach the immediate support cluster around 134.00. Today's daily technical indicators are showing distinctly bearish signals, although the prospect for the single currency remains positive. The EUR/JPY currency pair was unable to pierce the 100-day SMA to the downside for two weeks, which now acts as the closest support area. Furthermore, the 100-day SMA is likely to cause the given cross to rebound and settle above 134.50. 

    Traders' Sentiment 
    Market sentiment edged closer to the equilibrium, as 49% of traders hold long positions today (previously 45%). At the same time, the number of orders to buy the Euro declined from 49 to 28%.
    © Dukascopy Bank SA

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