Dukascopy - Analytics

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    EUR/JPY risks erasing this week's gains

    © Dukascopy Bank SA
    "We have had some more dovish comments from Draghi and that has driven the euro down just now. It does now seem like the ECB is heading down this road and the market is positioning for it."
    - Rabobank (based on CNBC)


    Pair's Outlook
    As was expected, the Euro remained relatively unchanged against the Japanese Yen, as it added only 11 pips over the day. The EUR/JPY cross began declining today, after the ECB's president announced that the extension of QE might be on the way. So far the intraday losses are being limited by the weekly S1 and the Bollinger band around 131.20. Nothing else is likely to contribute to the given pair's weakness or strength today, the only concern is whether the trade will close above the weekly S1 or below, which is the difference between the weekly gain and loss.

    Traders' Sentiment
    The sentiment has become bullish since yesterday. The share of long positions increased from 50 to 61%.

    © Dukascopy Bank SA

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