EUR/JPY consolidating around 140 JPY

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"It's certainly reinforcing positive sentiment in Spain. Moody's has recognized not only the economic recovery but also the structural reforms ... and the fact that they're sticking to their guns on the fiscal deficit."
- RIA Capital Markets (based on Reuters)

Pair's Outlook

Pair took a step back after a volatile recovery last week and at the moment is consolidating slightly above 140 JPY mark. We expect it to pick up the pace soon and test major resistances soon. Peak above 142 JPY would pave the way to 145 JPY. Failure at any of the resistances might provoke a sell off of the pair, but that seems very unlikely at the moment.

Traders' Sentiment

Market sentiment changed very little, but bears continue to crowd out bulls. Bulls now hold 37%, 2% less than on Friday, of open positions. In addition to that, bullish side of pending orders contracted by 8% and is at 50-60% range today.

© Dukascopy Bank SA

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