Dukascopy - Analytics


    488.50 6.00/10
    83% of positive reviews

    EUR/JPY en route to 128.00

    © Dukascopy Bank SA
    "While the market may have mostly priced in the prospect of the sales tax hike delay, it remains wary of fresh stimulus talk. Friday's BOJ tankan bears watching as weak results could fuel hopes for more stimulus." 
    - Brown Brothers Harriman (based on Reuters) 

    Pair's Outlook 
    The European single currency appreciated against the Japanese Yen, meeting resistance near the 127.00 major level in face of the weekly R1 and the 55-day SMA. This area is now supporting the EUR/JPY cross from below, a breach of which is to lead to a decline towards the ascending channel's lower border at 126.17. Meanwhile, the nearest resistance is located around 127.60, represented by the weekly R2 and the Bollinger band, in case bulls take over the market. However, technical indicators shifted from bullish signals to mixed, suggesting that the bearish outcome is more probable. 

    Traders' Sentiment 

    The SWFX sentiment keeps weakening, as bulls are now outnumbering the bears by only two percentage points. The percentage of sell orders now takes up 65% of the market, compared to 51% previously.
    © Dukascopy Bank SA

    To leave a comment you must or Join us

    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree