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    EUR/JPY gravitates towards 134.00

    © Dukascopy Bank SA
    "The ECB President Draghi spoke in New York yesterday but did not touch specifically on the outlook for monetary policy. He merely stated that economic growth was returning to the euro-zone and emphasized the need for further progress in integration." 
    - Bank of Tokyo-Mitsubishi (based on WBP Online) 


    Pair's Outlook 

    Despite having reached the immediate support in face of the weekly S1, the EUR/JPY currency pair managed to rebound yesterday. There is little room for another rally, as the weekly and monthly PPs, along with the 20 and 200-day SMAs, form a rather strong resistance around 134.80. However, the given cross could still climb higher towards this resistance cluster, despite technical indicators retaining their bearish signals. A drop is also possible, but should be limited by 133.60, while a surge remains the base case scenario. 

    Traders' Sentiment 
    Market sentiment remains bearish, with bears (66%) outnumbering the bulls (34%). Meanwhile, the number of sell orders increased, taking up 67% of the market, compared to 59% yesterday.
    © Dukascopy Bank SA

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