© Dukascopy Bank SA
- Bank of Tokyo-Mitsubishi UFJ Ltd. (based on Bloomberg)
Pair's Outlook
Encouraged by yesterday's advance the pair approached the weekly R2 at 142.40; however, when it was reached the pair bounced off to trade around the weekly R1 at 141.85. The 18-nation currency's bullishness is also supported by the technical indicators, majority of them expect the Euro to appreciate. In our opinion the monthly PP and weekly R1 will push the pair higher, most likely the pair will attack the weekly R2 repeatedly.
Traders' Sentiment
The sentiment towards EUR/JPY continued to improve; however, a slight majority of the traders are still expecting the common currency to underperform relative to the Japanese Yen, namely 52% of them.
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