Dukascopy - Analytics

    Dukascopy

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    EUR/JPY fluctuates in a tight range

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    "The euro-bearish consensus was struggling hard for the first half of the year, but it has come good as the ECB has driven rates down."
    - Societe General SA (based on Bloomberg)


    Pair's Outlook
    The Japanese yen started the first after– holiday trading session by depreciating to 145.21 versus the Euro, yet the volume was rather mild during the day. The end of the week proceeded with a more sufficient move and the cross fell back to the weekly S3 at 144.75 during the last trading hours. Mainly, the trades seemed to be stuck between the weekly S3 and S2, fluctuating in a 59 pip range. A slide below will open an immediate support at 144.47, the 55– day SMA.

    Traders' Sentiment
    The market participants turned over a bearish sentiment for the EUR/JPY pair, as 57% of all trades are short. Meanwhile, the 50– pip pending orders are placed for 38%, whereas the 100– pip ones are awaited by 44% of the pair traders. Overall, the sentiment have not changed significantly since the last update.
    © Dukascopy bank SA

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