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    EUR/JPY on the verge of breaking channel's support

    © Dukascopy Bank SA
    "The oil chart failed a bit yesterday so we have had a wobble and the yen is the wobble currency of choice." 
    - Millennium currency fund (based on Reuters) 

    Pair's Outlook 
    The Yen's safe haven status pushed the given cross towards the immediate support cluster, among which, the channel's lower border was tested. The pattern remained intact, but there is a higher risk now of the down-trend being broken today. In this case, the second demand area, namely the Bollinger band and the weekly S1 around 125.13, should limit the dips. If bulls manage to take over, the 126.00 level is then to be retaken, but the nearest resistance to remain out of reach at 127.43.  

    Traders' Sentiment
    Traders retain a positive outlook towards the Euro, as 65% of them hold long positions (previously 58%). The number of orders to sell the single currency, however, remains unchanged at 61%.
    © Dukascopy Bank SA

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