© Dukascopy Bank SA
- Danske Bank AG (based on Market Watch)
Pair's Outlook
EUR/JPY cross managed to breach the weekly PP, but failed to end the trading day above it. The pair settled at 134.90, between the weekly PP and 20-day SMA. The single European currency is likely to keep falling further, with the nearest support represented by the 100% Fibonacci retracement and weekly S1. Technical studies suggest the Euro will plunge at first, but will remain in tight range between yesterday's levels. Nevertheless, in longer term further depreciation is expected.
Traders' Sentiment
Sentiment among SWFX traders keeps deteriorating, but 47% of them are still long the Euro. At the same time, the share of buy orders are retreated, but from 52 to 49%.
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