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    EUR/JPY gravitates towards 127.00

    © Dukascopy Bank SA
    "We are seeing unwinding of risk-off [yen buying] positions at a gradual pace, although it doesn't look dramatic." 
    - Tokyo Forex & Ueda Harlow (based on Market Watch) 


    Pair's Outlook 
    On Monday the European currency was able to edge higher against the Yen, with the return of the risk-on sentiment. Technical indicators are now giving mixed signals, compared to bullish ones yesterday, implying that the bullish momentum might fade. The nearest resistance on top of the 128.00 major level is rather strong and could contribute to a decline. Meanwhile, the monthly S1 is providing immediate support at 127.43, but proved to be unreliable in limiting the dips in the past; thus, the exchange rate is likely to move closer or even beyond the 127.00 mark. 

    Traders' Sentiment 
    Only 55% of all open positions are long, compared to 57% yesterday. The percentage off sell orders added 19% points, rising up to 70%.
    © Dukascopy Bank SA

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