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    EUR/JPY retests the channel's support line

    © Dukascopy Bank SA
    "We expect the ECB will cut the deposit rate by more than the market expects next week." 
    - Royal Bank of Scotland (based on Business Recorder) 


    Pair's Outlook 
    The single currency remained relatively unchanged against the Japanese Yen on Wednesday, having lost only four pips. As a result, the descending channel pattern was preserved, but the lower border remains under the risk of getting pierced today as well. The weekly S1 and the Bollinger band are still bolstering this down-trend, while technical indicators retain their mixed signals. Meanwhile, the monthly S1 is unlikely to allow the exchange rate to rebound, whereas the immediate support cluster should hold the dips and leave the pair flat for another day. 

    Traders' Sentiment 
    Today 72% of traders are long the Euro (previously 74%), while the number of sell orders increased from 55 to 59%.
    © Dukascopy Bank SA

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