© Dukascopy Bank SA
- Spiro Sovereign Strategy (based on Bloomberg)
Pair's Outlook
Through last two trading days EUR/JPY has declined rather significantly and it even reached the major level at 140, the lowest level in six weeks. To our mind the Euro should trade higher and it is likely to appreciate towards the 100-day SMA at 140.90. The majority of technical indicators are bullish, that also should encourage the traders to buy. All in all this pair has been volatile this week and it has fluctuated in more than 200 pips range.
Traders' Sentiment
The sentiment towards the Euro has fallen to the lowest level in more than a month, only 39% expect the shared currency to gain in value. In the meantime, the share of sell orders grew from 47% up to 80%.
© Dukascopy Bank SA