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EUR/JPY struggles to remain above 114.00

© Dukascopy Bank SA
"Clearly, funds will flow out of the UK. The question is where that would money will go. The recovery in risk sentiment over the past week seems a bit risky. I would expect more safe-haven buying in the yen." 
- Nomura Securities (based on Business Recorder) 


Pair's Outlook 
Friday ended with the Japanese Yen outperforming the European single currency, but with price closing above the 114.00 major level. Risk-aversion appears to be still in the markets, thus, more bearish momentum could follow. However, the 114.00 psychological level could be an issue, as demand at that area is strong. As a result, losses could be limited around that area, while the weekly PP at 113.47 is to provide more support in case a breach occurs. Technical indicators retain their mixed signals in all timeframes, unable to confirm the scenario. 

Traders' Sentiment
Today only 53% of traders are long the Euro, compared to 64% last Friday. At the same time, the number of orders to sell the single currency edged lower from 60 to 54%.
© Dukascopy Bank SA


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