Dukascopy - Analytics


    485.50 6.00/10
    83% of positive reviews

    EUR/JPY extends consolidation for the ninth day

    © Dukascopy Bank SA
    "Demand for euro, in terms of real money, is still high." 
    - BBH (based on CNBC) 

    Pair's Outlook 
    The European currency reached a daily low of 131.50, but ended the day just at the September low. From this point on the EUR/JPY cross is expected to rebound, but is unlikely to leave its consolidation range just yet. Immediate resistance is represented by the weekly PP at 132.30, but gains should be limited by the second area around the 133.00 mark. This major level is now also somewhat bolstered by the weekly R1, while a breach of the Sep low remains possible, as technical studies retain bearish signals. Nevertheless, if not the Sep low, then the weekly S1 should hold the dips. 

    Traders' Sentiment 
    The majority of traders (53%) are holding long positions. The share of buy orders also accounts for the largest part of the market (52%).
    © Dukascopy Bank SA

    To leave a comment you must or Join us

    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree