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    EUR/JPY gravitates towards 128.00

    © Dukascopy Bank SA
    "The yen weakens when higher stocks loosen tolerance for risk, but the yen strengthens when stocks fall. We are seeing a repeat of this pattern." 
    - Mitsubishi UFJ Morgan Stanley (based on Market Watch) 


    Pair's Outlook 
    The European currency was unable to edge higher on Thursday, with volatility somewhat limited by the immediate resistance in face of the weekly PP and the monthly S1. Risk-off sentiment dominated the market today, pushing the EUR/JPY below the 128.00 level, negating yesterday's gains. The weekly PP remains unconquered, as another decline is likely to take place today. The nearest support, namely the up-trend and the monthly S2, lies out of reach just under 127.00, whereas technical studies are bolstering the possibility of the negative outcome. 

    Traders' Sentiment  
    Market sentiment remains close to equilibrium, with 51% of all positions being long. The share of buy orders slid from 41 to 28%.
    © Dukascopy Bank SA

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