© Dukascopy Bank SA
- Barclays (based on CNBC)
Pair's Outlook
The EUR/JPY behaved in accordance with the forecast on Friday, as it stabilised under the 132.00 major level, namely at 131.64. The Euro has been declining for more than two weeks now, and is likely to extend its bearish trend. However, the along the bearish path there were some signs of correction attempts, with a possibility of such occurring today. The cluster around 132.20, represented by the 20-day SMA; the weekly PP and the monthly R1, is to limit the gains. Meanwhile, a solid chance of the given cross falling further down to 133.98 (monthly PP) remains.
Traders' Sentiment
Market sentiment shifted to the bearish side, as 49% of all positions are long. There are currently 72% of orders to sell the Euro.
© Dukascopy Bank SA