EUR/JPY bumped into 105.29/48

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"We see the euro zone finance ministers meeting as a market-positive rather than market-negative event, with some potential for the euro and other currencies to move higher"
- Wells Fargo (based on CNBC)

Pair's Outlook

EUR/JPY has finally reached the upper edge of a bullish channel at 105.29/48, where also weekly and monthly pivot points meet. Judging by density of the resistance area the currency pair will require some time and considerable effort from bulls to erode it. Moreover, technical indicators are mixed and thus do not favour occurrence of an upward breakout.

Traders' Sentiment
Traders have become less bearish towards EUR/JPY, as the share of short positions declined to 54%, while bulls have increased in numbers, constituting 46% of the market at the moment. The opposite is seen on the side of standing orders, as 55% of them are to buy the Euro and 45% are to sell it against the Yen.

© Dukascopy Bank SA
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