© Dukascopy Bank SA
- BofA Merrill Lynch (based on Bloomberg)
Pair's Outlook
The Europe's currency has underperformed against the Japanese Yen through this week and currently it is supported by the weekly S2 and Bollinger Bands at 137.26/23. Moreover, slightly lower there is also the major level at the 137 mark that has proved to be rather reliable. The monthly technical indicators continue to point upwards; however, the daily and weekly ones are pointing sideways. We expect the pair to hold above the major level at 137, with a possibility to rebound towards the 55 and 100-day SMA.
Traders' Sentiment
Market sentiment remains unchanged as bulls continue to hold 52% of all of the open positions on the pair. The distribution between the buy and sell orders is less stable—36% and 64% respectively.
© Dukascopy Bank SA