Dukascopy - Analytics


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    EUR/JPY to retake 126.00

    © Dukascopy Bank SA
    "We look for further gains towards key resistance which is the 130.25 2014-16 downtrend line. Only a close above here would negate recent downside pressure." 
    - Commerzbank (based on FXStreet) 

    Pair's Outlook 
    Although the Euro edged closer to the 125.00 major level, the EUR/JPY cross was unable to maintain trade that low, as demand at 126.66, namely the monthly PP, proved to be too strong to pierce. The pair is now close to the current ascending channel's support line, leaving little room for a possible decline. Furthermore, the monthly PP remains the immediate support and is likely to cause a rebound, with a possibility of yesterday's losses getting erased. Technical indicators support this scenario by giving bullish signals in the daily timeframe. The longer period ones, however, suggest the channel is to be breached to the downside this week.  

    Traders' Sentiment 
    Market sentiment slightly improved over the day, as 57% of all open positions are currently long, compared to 56% on Tuesday.
    © Dukascopy Bank SA

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