Dukascopy - Analytics

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    EUR/JPY supported by 130.60/50

    © Dukascopy Bank SA
    "The BOJ can only do so much. The markets see through the fact that the central bank's efforts would not be effective in the absence of domestic demand, which is up to the government to create through its policies."
    - IG Securities (based on CNBC)

    Pair's Outlook
    So far Thursday is bullish for EUR/JPY, as the currency pair bounced off of the 55-day SMA, up-trend, and weekly PP at 130.60/50. However, the recovery should be short-lived, considering that the Euro is closing in on the major supply area, created by the long-term down-trend and the 100-day SMA. The rally is not expected to extend beyond the 132.20/131.80 area. However, if we do see a close above the 100-day moving average, then the 200-day SMA at 134.30 will probably be tested next.

    Traders' Sentiment 
    The difference between the amounts of bulls and bears in the market remains insignificant—55% of positions are long and 45% are short. Meanwhile, the share of buy orders rose from 57 to 62%.

    © Dukascopy Bank SA

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