Dukascopy - Analytics

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    EUR/JPY undergoes a correction

    © Dukascopy Bank SA
    "The bias is just in favour of a stronger yen."
    - Derek Halpenny, Bank of Tokyo Mitsubishi (based on CNBC)


    Pair's Outlook
    EUR/JPY is close to completing its bearish correction after the currency pair touched upon the upper boundary of the emerging channel. The floor for the current sell-off is seen at the level of 125 yen, which is the present location of the lower trend-line forming the pattern. The price should then rally towards the 55-day SMA at 127.50, while the multi-week target is 129.50, where the rate is expected to meet the 100-day SMA and the 10-month down-trend.

    Traders' Sentiment
    The distribution between the bulls and bears in the market remains perfectly unchanged. At the moment, 56% of open positions are long and 44% are short. In the meantime, the percentage of orders to sell the Euro plummeted from 73 to 58%.

    © Dukascopy Bank SA

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