© Dukascopy Bank SA
- Mizuho Corporate Bank Ltd. (based on Bloomberg)
Pair's Outlook
Today the Euro prolonged its decline and reached the major level at 138; however, its fall was limited as expected because of this support level (major level at 138 and May low at 137.98). It is too early to say whether the 138 level will be broken; although, if that happens then we could see the 18-nation currency slipping towards the weekly S3 at 137.72. The daily technical indicators are neutral, but the monthly are strongly bullish; therefore, in longer time frame we could see the pair reversing its recent losses.
Traders' Sentiment
The sentiment towards EUR/JPY has become more bullish (45%) as the decline has encouraged the bullish traders. Share of bears in the market increased to 59%, 5% increase since yesterday.
© Dukascopy Bank SA