© Dukascopy Bank SA
- Daiwa SB Investments (based on CNBC)
Pair's Outlook
The pair stopped its advance around the weekly PP at 140.81 and it is still trading below the 55-day and 100-day SMA. Weekly and monthly technical indicators are sending mostly bullish signals and we also expect the Euro to appreciate against Japan's currency. We suspect that the pair could approach the major level at 140.00; however, the 18-nation currency will receive an impetus there and most likely will strengthen towards the 55-day SMA.
Traders' Sentiment
Even though the gap between the bullish and bearish market participants widened, it still remains rather small – 44% and 56% respectively. In the meantime, the share of orders to enter the market with a buy trade rose slightly to 47%.
© Dukascopy Bank SA