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EUR/JPY reaches seven-week high

© Dukascopy Bank SA
"Prospects of this specific Greek bailout deal going through are supporting the euro. But these are developments taking place after Greece and its lenders reached a broad agreement last month, and dollar-side factors are likely to determine the direction of the pair in the longer run." 
- Barclays (based on CNBC) 

Pair's Outlook 
The European currency overperformed on Monday, as it appreciated against the Yen a lot more than expected. The EUR/JPY currency pair not only pierced the two immediate resistances, but also stabilised at 137.29. Today's attempts of the cross to edge lower were prevented by the 55-day SMA at 136.79, which also causing the Euro to extends its rally. The two closest resistances already gave in, which leaves psychological level of 138.00 or the monthly R1 at 138.12 to limit further gains.

Traders' Sentiment 
SWFX traders' sentiment slightly improved again, as 45% of all positions are now long (previously 44%). Meanwhile, the number of commands to buy the single currency edged higher from 58 to 60%.
© Dukascopy Bank SA

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