© Dukascopy Bank SA
- Deloitte & Touche LLP (based on Bloomberg)
Pair's Outlook
EUR/JPY continues to trade between the monthly S2 at 136.46 and the weekly PP at 137.44 this week. There has not been any major break-outs and currently the pair is hovering slightly below the major level at 137. Our expectations is that the pair will remain trading in this range in the near term; however, in the longer term we see the pair fluctuating higher. The monthly technical studies suggest that a advance might be expected in the longer time frame.
Traders' Sentiment
The sentiment towards the pair has fallen to 38%, making it the lowest level in almost two months. Therefore, indicating that the currency pair is overbought in traders opinion. At the same time the gap between the buy (60%) and sell (40%) orders is widening.
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