Dukascopy - Analytics

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    EUR/JPY struggles to remain above 136.00

    © Dukascopy Bank SA
    "Historically the ECB (European Central Bank) has said it would do whatever it takes to save the euro, it has launched quantitative easing to support the euro zone and investors have faith that they will continue to be supportive if there are signs of weakness." 
    - IG (based on CNBC) 


    Pair's Outlook 
    Although the European currency advanced against the Yen yesterday, the 200-day SMA failed to stop the rally. As a result, gains went over the 136.00 mark, but the second resistance was not reached. Nevertheless, the Euro is expected to trace back on Friday, in spite of technical indicators showing bullish signals. The 200-period SMA is now acting as the immediate support, but the weekly PP and 20-day SMA cluster is providing a stronger obstacle around 135.45. 

    Traders' Sentiment
    Bullish market sentiment slightly weakened, as only 51% of traders are now long the Euro. At the same time, the buy orders lost 13 percentage points. The commands now take up only 37%.
    © Dukascopy Bank SA

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