Dukascopy - Analytics

    Dukascopy

    468.75 6.25/10
    83% of positive reviews
    Real

    EUR/JPY edges closer to 129.00

    © Dukascopy Bank SA
    "The strong yen stands out. As long as we remain in such a risk-off environment, there's no point in trying to catch that falling knife."
     - BMO (based on CNBC) 

    Pair's Outlook 
    The pair has been undergoing a corrective decline ever since the exchange rate hit the 14-month resistance line two weeks ago. The demand around the 129.75 level is rather weak, thus, we expect the EUR/JPY currency pair to put the cluster circa 129.00 to the test, namely the 20-day SMA and the weekly S2. Technical indicators, on the other hand, suggest an opposite scenario is to prevail today. Nevertheless, the one-year long bearish trend remains intact and is unlikely to be broken, as the Euro is yet to unveil its bullish potential. 

    Traders' Sentiment  
    Bulls and bears broke out of equilibrium, as 53% of all open positions are now long, but 83% of all orders are to sell the Euro.
    © Dukascopy Bank SA

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