© Dukascopy Bank SA
- JPMorgan (based on Bloomberg)
Pair's Outlook
The Europe's shared currency has started the week with a drop below the weekly PP at 137.45, after EUR/JPY approached the 138 level last week. The Euro has not been able to recover after receiving a strong bearish impetus around the major level at 138. Nonetheless, the monthly technical indicators are still pointing to the north, thus the pair's bulls most likely will not let the 18-nation currency to dive beneath the 137 mark.
Traders' Sentiment
The SWFX traders are getting more and more convinced that the Euro is going to appreciate relative to the Yen; but overall the bears are still in a distinct majority, as they take up 58% of the market, and this is a significant advantage over the bulls (42%).
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