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- JPMorgan Chase Bank (based on CNBC)
Pair's Outlook
The latest rally of EUR/JPY still lacks consistency, but the support at 132.20/09 nonetheless remains intact. This means the bias towards the currency pair should stay positive, a scenario also supported by the daily and monthly studies. Moreover, the upside is free from any notable levels nearby, with the first significant sell area starting only at 133.42.
Traders' Sentiment
The tendency we mentioned yesterday, namely weakening interest in Euro-buying (36% in all crosses) and growing attractiveness of the Japanese Yen (44% in all crosses), continues. At the moment of writing 42% of positions in EUR/JPY are long, while the majority, specifically 58%, belongs to bears.
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