© Dukascopy Bank SA
- Bank of New York Mellon Corp. (based on Bloomberg)
Pair's Outlook
The EUR/JPY cross has started the week strong by breaking the weekly PP at 146.47. At the time of writing, the pair has already reached the 147 level, which together with the 20-day SMA at 147.31 is the near-term target. We think that with the help of the bullish weekly and monthly technical studies the pair is ready to surpass the 20-day SMA. Nevertheless, the most important thing for a further advance is to keep positions above the weekly PP.
Traders' Sentiment
The SWFX traders are getting less and less convinced that the Euro is going to fall relative to the Japanese Yen; but overall the bears are still in a slight majority, as they take up 52% of the market, and this is still an advantage over the bulls (48%).
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