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EUR/JPY attempts to erase Monday's losses

© Dukascopy Bank SA
"Concerns about the prospects for the EU economy are also putting pressure on the euro."
- Nomura Securities (based on Business Recorder) 

Pair's Outlook 
The European currency declined surprisingly on Monday, amid poor Spanish Manufacturing PMI. However, the EUR/JPY pair's slump was limited by the support cluster around 135.71, which is also likely to cause a rebound today. Therefore, the 136.00 major level is expected to be retaken, but the immediate resistance, namely the weekly PP, remains beyond reach. At the same time, technical indicators shifted from bullish to mixed signs, unable to confirm the positive outcome. Nevertheless, the base case scenario is a surge to 136.11, as this level prevented the Euro from rising in the past. 

Traders' Sentiment 
Only 45% of traders are long the Euro today (previously 51%). The share of buy orders returned to its last Wednesday's level of 61%.
© Dukascopy Bank SA


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