EUR/JPY approaches lowest level in four months

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"It's a continuation of the risk-off mood in the global market -- yen is a bit higher and the dollar is higher against riskier rivals. The geopolitical story is taking the center stage."
- Commonwealth Foreign Exchange Inc. (based on Bloomberg)


Pair's Outlook
Last week we saw a significant drop in EUR/JPY currency pair; moreover, the Euro fell to the lowest level against the Yen in four months at 137.71 today. Nonetheless, we do not think that the shared currency will slide lower, we see it appreciating above the major level at 138. At the same time it is rather unlikely that the Euro could climb much higher as it is struggling to find bullish impetus and the shorter term technicals are largely neutral.

Traders' Sentiment
The sentiment towards EUR/JPY is still more or less neutral; although, with a difference from Friday that bulls are in majority (52%). The gap between the buy (52%) and sell (48%) orders placed 100 pips from the spot is also insignificant for now.
© Dukascopy Bank SA

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