Dukascopy - Analytics


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    EUR/JPY to keep falling

    © Dukascopy Bank SA
    "There are many factors that are driving risk aversion -- political uncertainty, the global growth outlook and concern about the banking sector, whose profit margins are being hurt by low interest rates." 
    - Credit Agricole SA (based on Bloomberg)

    Pair's Outlook 
    The Euro remained completely unchanged against the Yen on Monday, as there were no market movers present. Consequently, no significant level was pierced that day, leaving the pair vulnerable to a still anticipated decline. The closest area to prevent the European currency from sustaining sharper losses is located at 113.47, represented by the weekly PP. At the same time, a strong resistance cluster rests around 115.75, namely the weekly R1 and the monthly PP, but the cross is unlikely to recover from its current intraday low. Technical studies, however, are unable to confirm either scenario. 

    Traders' Sentiment 
    Traders' sentiment slightly improved over the day, as 59% of all open positions are long (previously 53%). Meanwhile, there are 61% of all pending orders in the 100-pip range to sell the Euro (up from 54%).
    © Dukascopy Bank SA

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