© Dukascopy Bank SA
- Nomura (based on CNBC)
Pair's Outlook
Although EUR/JPY is only supported by the weekly S1, so far today the pair has been strongly bullish, and right now it is erasing Tuesday's losses. However, the main resistance, created by the monthly PP and the falling trend-line, is still intact, meaning the bias is to the downside. However, if the bastion at 130 is conquered, this will be a strong buy signal, since the falling wedge will be broken. The next objective for the bulls will then be the 55-day SMA at 132.
Traders' Sentiment
The SWFX market is somewhat skewed to the bullish side, but the difference remains quite small, only 10 percentage points. As for the orders, on the other hand, almost every single one of them near the spot is placed to buy the Euro.
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