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EUR/JPY keeps testing 133.00

© Dukascopy Bank SA
"The weekend comment from Draghi was a bit more balanced and neutral than before, which is triggering some short-covering in the euro."
- Nomura (based on Reuters) 


Pair's Outlook 
The September low limited the EUR/JPY's volatility for another day on Friday, but the pair edged lower only 22-pips. Today the immediate support is represented by the weekly PP, while the second target remains the Sep low, still bolstered by the Bollinger band. Meanwhile, the nearest resistance lies around 133.80, namely the monthly PP and weekly R1, with another strong supply area located around 134.50 (the 200-day SMA). However, technical studies suggest the Euro is to decline against the Yen, but the weekly PP is expected to hold for now. 

Traders' Sentiment
A total of 53% of traders are now long the Euro, compared to 52% on Friday. The share of purchase orders dropped from 63 to 45%.
© Dukascopy Bank SA


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