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    EUR/JPY to confirm down-trend

    © Dukascopy Bank SA
    "Risk aversion related to global issues may result in periods of support for the euro. Falling oil, however, raise risks that ECB may ease again." 
    - Credit Suisse (based on Business Recorder) 


    Pair's Outlook 
    There were no surprises in the EUR/JPY's performance on Wednesday, as the cross partially recovered after touching the down-trend and closed between the first and the second support levels. The pair remains caged between the two levels, with the weekly PP now providing immediate resistance at 127.91, while a tough cluster around the trend-line is to prevent further depreciation. Technical indicators are in favour of the bearish scenario, suggesting the Euro is to retest the support line. 

    Traders' Sentiment  
    Bulls and bears broke out of the equilibrium, now taking up 52% and 48% of the market, respectively. At the same time, the percentage of sell orders slid 20 percentage points, down to 60%.
    © Dukascopy Bank SA

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