EUR/JPY dips below 137

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Partly, the yen will be driven by outside risk factors. After the stress tests "the market is moving on and really focusing its attention on what lies ahead for the euro. That is the move toward more possible stimulus measures."
- Mizuho Bank Ltd. (based on Bloomberg)


Pair's Outlook
The major level at 137 has been one the most reliable resistance levels lately; however, it seems that it is not as good support level. Nonetheless, the bigger indicator of its strength will be whether it holds the pair above the mark at today's close. Moreover, additional support levels (weekly PP; 20-day SMA) are located just slightly lower at 136.58. We expect that all of the previously mentioned levels should keep the currency pair above the 136.50 mark.

Traders' Sentiment
The SWFX traders' sentiment has decreased considerably, at the moment the sentiment is almost at par, with 51% of them still being bullish. The gap between the buy (49%) and sell (51%) orders placed 100 pips from the spot is also insignificant for now.
© Dukascopy Bank SA

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