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    EUR/JPY tests 137.00 major area

    © Dukascopy Bank SA
    "Faced with a number of challenges to world growth, the euro-area economy has shown some signs of resilience." 
    - Mario Draghi, ECB (based on Bloomberg)
     

    Pair's Outlook 
    On Friday, the European currency appreciated against the Japanese Yen, not only piercing the two immediate resistances, but also testing the third one. However, the EUR/JPY stabilised at 136.57, a new three-week high, with the 100-day SMA now providing support. Due to a bank holiday in Japan, the Euro has more chances of outperforming the Yen; the positive outlook is also bolstered by bullish technical indicators. Gains should be limited by the cluster around 137.00, as the cross is approaching the down-trend. 

    Traders' Sentiment 
    Market sentiment remains bullish, with 53% of traders now holding long positions, compared to 51% on Friday. At the same time, the portion of orders to buy the Euro declined from 67 to 47%.
    © Dukascopy Bank SA

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