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    EUR/JPY: all signs suggest a decline

    © Dukascopy Bank SA
    "Markets are rallying ahead of the G20 meeting, boosting risk assets. The risk is that investor sentiment is disappointed by the meeting's outcome, leading to renewed strength of the yen." 
    - Royal Bank of Scotland Group (based on Business Recorder) 


    Pair's Outlook 
    With the improvement of risk sentiment, the European single currency managed to climb almost 100 pips higher against the Yen yesterday. However, the pair appears to be not ready to retake the 125.00 level yet, thus, we might see the price retrace lower. Furthermore, technical indicators shifted from bearish to distinctly bearish, insisting that the EUR/JPY cross is to suffer a loss today. The weekly S1 and the monthly S2 form a support around 123.90, but this area failed to hold the losses before, therefore, a slump closer to the 123.50 mark is more probable. 

    Traders' Sentiment 
    For the second day market sentiment remains bullish at 59%, whereas exactly a half of all pending orders are to acquire the Euro.
    © Dukascopy Bank SA

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