© Dukascopy Bank SA
- FX Prime Corp. Tokyo (based on Bloomberg)
Pair's Outlook
Last week EUR/JPY appreciated and it broke such levels as the 20-day, 55-day and 100-day SMAs; however, it was stopped by the monthly PP at 141.70. According to pair's technical indicators it is poised for an advance in longer term; although, in short term it could depreciate. We expect the 18-nation currency to head towards the weekly R1 at 142.21.
Traders' Sentiment
The distribution between the proponents and opponents of the Euro's appreciation relative to the Japanese Yen remains more or less the same as last week—47% and 53% respectively. Concerning the orders placed 100 pips from the spot, there are now more commands to buy—44%.
© Dukascopy Bank SA