© Dukascopy Bank SA
- Societe Generale SA (based on Bloomberg)
Pair's Outlook
EUR/JPY declined today, after reaching a cluster of resistances (55 and 100-day SMAs; weekly PP) around 137.80 level, that demonstrated its strength by sending the pair lower towards the 137 mark. The technical indicators are mixed for the time being; although, most of them are neutral. There is a possibility of the pair sliding below the major level at 137; however, if the bulls hold the pair above it then a repeated test of the weekly PP is likely to follow.
Traders' Sentiment
After the traders' sentiment stagnated at 52% of them being bullish for five trading days, it has reached 55% today. Concerning the orders placed 100 pips from the spot, there are now more commands to sell—58%.
© Dukascopy Bank SA