© Dukascopy Bank SA
- Jeremy Stretch, CIBC (based on Reuters)
Pair's Outlook
The single European currency moved lower against the Japanese yen as currently the pair is approaching 97.22 (S1 Monthly; Lower Bollinger band), indicating that bearish mood prevails on EUR/JPY among market participants. Thus, if the inertia holds till the end of this week, 96.32 (Upper support line; S1 Weekly) and 95.60 (June 1 Low) might be tested next by bearish traders.
Traders' Sentiment
The bullish sentiment on EUR/JPY has weakened since yesterday as at the moment 63% (69% yesterday) of investors are long on the pair and 37% of currency traders hold short positions. Order disposition suggests that traders are undecided on where the price will move further as 52% of currency traders expect the pair to move lower and 48% of investors expect EUR/JPY to fall further.
© Dukascopy Bank SA