Dukascopy - Analytics


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    EUR/JPY poised to retest the down-trend

    © Dukascopy Bank SA
    "We think that the benefits of the deteriorating risk environment, coupled with the generally upbeat tone of European data ex-inflation should balance out the otherwise negative effects the ECB's (European Central Bank) ongoing efforts to stimulate the region may have." - DailyFX (based on Business Recorder) 

    Pair's Outlook 
    The EUR/JPY currency pair experienced minor volatility on Monday, which in turn was limited by the immediate support and resistance clusters. Ultimately, the cross remained flat, while the risk of the support trend-line getting pierced grew, as technical indicators shifted to distinctly bearish. However, there are no clear market movers present today, suggesting the down-trend could hold the losses, whereas the monthly S2 and the Bollinger band are to provide additional support around 126.80. Meanwhile, the weekly PP and the monthly S1 retain their roles as the closest resistance. 

    Traders' Sentiment 
    Market sentiment has reached a perfect equilibrium once again, but the number of sell commands increased by 7% points, up to 65%.
    © Dukascopy Bank SA

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