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    EUR/JPY to erase this week's gains

    © Dukascopy Bank SA
    "Can Draghi push the euro or euro yields much lower in today's ECB meeting? We think he will sound dovish, but will struggle to do so." - Deutsche Bank (based on CNBC)

    Pair's Outlook 
    The European currency tested the 100-day SMA, but remained flat over the day, refusing to remain above the 136.00 level. The EUR/JPY currency pair is expected to turn around after being unable to edge higher since Monday. Although the nearest support is represented by the 55-day SMA and the weekly PP around 135.80, a sharper decline, such as towards the 20-day SMA, is more likely to occur. Nevertheless, the final area to limit the losses is the 200-day SMA, which is also bolstered by the weekly S1 and monthly PP, all located just above the triangle's lower border.

    Traders' Sentiment

    Market sentiment improved again, with 53% of all positions now long. The share of buy orders, however, declined from 49 to 32%.
    © Dukascopy Bank SA

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