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EUR/JPY returns above September low

© Dukascopy Bank SA
"The European economy remains on recovery course." 
- Pierre Moscovici, EU Commissioner for economic affairs (based on Reuters) 

Pair's Outlook 
The Euro surprised with its performance on Wednesday, falling against the Japanese Yen slightly deeper than anticipated. Nevertheless, the second support level was not reached, as the EUR/JPY cross refused to close trade beyond the 132.00 mark. Even though technical studies retain bearish signals, the single currency is likely to undergo a correction and at least partially recover from yesterday's losses. Meanwhile, the closest resistance is located at 132.75, represented by the weekly PP, and is the base case scenario.

Traders' Sentiment 
SWFX traders now have a negative perspective towards the Euro, as 58% of all positions are short. The gap between buy and sell orders narrowed, now only 4% points, with sell orders in the majority.
© Dukascopy Bank SA

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