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    EUR/JPY under the risks of piercing the down-trend

    © Dukascopy Bank SA
    "The current pace of yen appreciation is beyond our expectations and if sustained would no doubt increase concerns in Tokyo, especially if it transmits to instability in the Japanese equity markets." 
    - MUFG (based on FXStreet) 


    Pair's Outlook
    The Japanese Yen overperformed for the second day in a row, leading the EUR/JPY cross to close below 128.00, after having retested the support trend-line. The Yen experienced another boost earlier today, amid its safe haven status being extended by a poor reading of Chinese fundamentals. As a result, the pair is now under increasing pressure and risks breaching the down-trend today, as the nearest support in face of the weekly S3 lacks the strength to hold the losses. More weakness could even drive the Euro below the monthly S2 at 126.78 and towards the 2015 low of 126.08. 

    Traders' Sentiment  
    Bulls took over the market, as 52% of open positions are now long (previously 49%). The share of buy orders dropped from 52 to 45%.
    © Dukascopy Bank SA

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