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    EUR/JPY extends its consolidation trend

    © Dukascopy Bank SA
    "The ideal scenario for the BoJ to act would be once the market has regained some calm and begun to edge back towards risk-on. Central bank action at that point might give greater impetus to the restoration of confidence." 
    - Mizuho Securities (based on Business Recorder) 


    Pair's Outlook 
    The EUR/JPY cross failed to meet expectations on Thursday, as the pair retested the support line, but rebound on speculation that the BoJ is to announce more easing on next week's meeting. As a result, the pair breached the immediate resistance and stabilised on top of the 128.00 level. However, technical indicators remain bearish, implying the European currency is to weaken against the Yen today and return to its trading range between the weekly S1 and the weekly PP. Nonetheless, there is a small opening the pair could fit through, climbing up to the immediate resistance around 128.65. 

    Traders' Sentiment  
    Today 54% of all open positions are long, compared to 52% yesterday. The share of buy orders added 8% points, up to 48%.
    © Dukascopy Bank SA

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