Dukascopy - Analytics

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    EUR/JPY on the edge of breaking out of the channel

    © Dukascopy Bank SA
    "It (the ECB) cannot run the risk of disappointing markets, having raised expectations of action. Action in some form or other looks like a racing certainty; it's merely a question of the form it takes." 
    - BNP Paribas (based on Reuters) 


    Pair's Outlook 
    On Tuesday the European currency edged lower against the Japanese Yen, touching the channel's lower border. Today the Yen is broadly stronger, pressuring the given cross further down. The exchange rate has already pierced the immediate cluster, the channel's support line and even dropped below 130.00. However, technical studies are now giving mixed signals, giving hope for the price to remain flat by day's end. Nonetheless, our outlook remains bearish, with the given pair edging closer to the second support in face of the weekly S2 at 129.57. 

    Traders' Sentiment 
    Bullish traders' sentiment returned to its Monday's level of 74%. The percentage of buy orders barely changed, up from 44 to 45%.
    © Dukascopy Bank SA

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