© Dukascopy Bank SA
- Commerzbank AG (based on Bloomberg)
Pair's Outlook
The Europe's shared currency trades around the weekly PP at 136.79. Even though we are bullish on this currency pair, it seems that in a shorter time frame EUR/JPY might retain negative bias. That is likely scenario to happen because the pair lacks strong bullish impetus, also the daily and weekly technical studies are bearish. We see the pair approaching the monthly S2 at 136.46. Although, if the pair breaks the 137 mark then the bias could change its direction.
Traders' Sentiment
Although there are relatively less people than yesterday considering that the Euro is going to depreciate, they are still in a majority with 54%. The distribution between the buy and sell orders is also quite stable—53% and 47% respectively.
© Dukascopy Bank SA