EUR/JPY swings around 138 level

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"If you have to imagine a picture for the yen and you have to choose between a strengthening and a weakening, you are still on a winner playing a weaker yen."
- UniCredit Bank AG (based on Bloomberg)


Pair's Outlook
This week the Euro fell more than 200 pips; however, it seems it managed to recover as it received a bullish impetus from the weekly S3 at 137.72. Now, today the pair is fluctuating around the major level at 138; although, it even breached the 138.50 level at one point. We expect the 18-nation currency to recover this week's losses and to appreciate towards the 139 level in near term. However, in the longer haul we could see the pair moving closet even to the major level at 140.

Traders' Sentiment
Pair's sentiment has not changed since yesterday, still 53% of the SWFX traders are bearish. The distribution between the buy and sell orders is also quite stable—55% and 45% respectively
© Dukascopy Bank SA

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