© Dukascopy Bank SA
- BofA Merrill Lynch (based on Bloomberg)
Pair's Outlook
The Euro has extended its decline to a second straight day, as the EUR/JPY cross is falling closer to the 138 level, where the weekly S1 and 100-day SMA is located. In the short run we think that the support levels around the 138 mark will hold, even though in the longer term we are bearish on the pair. At the mean time, the monthly technical studies are pointing to the north, while the daily and weekly ones are neutral.
Traders' Sentiment
Even though the difference between the bullish and bearish market participants widened, it still remains rather small. At the moment 54% of them are bullish on the pair. As for the orders, the amounts of buy (53%) and sell (47%) ones are also nearly equal.
© Dukascopy Bank SA