© Dukascopy Bank SA
- Canadian Imperial Bank of Commerce (based on Bloomberg)
Pair's Outlook
EUR/JPY has just fallen to a new low at 129.76, showing that it is too heavy at the moment to continue its long-term bullish trend. Right now the pair is facing the support at 129.86/76 that may provide a temporary relief for long positions; however, given that daily technical indicators are bearish, we are more confident in our supposition that the price is going to descend even lower.
Traders' Sentiment
Today's depreciation of the Euro had completely no impact on the share of the open long positions, they continue to take up 52% of the market. It seems that traders require even more convincing moves in EUR/JPY in order to start shifting to either bullish or bearish camp.
© Dukascopy Bank SA