© Dukascopy Bank SA
– based on Action Forex
Pair's Outlook
The common European currency surged against the Japanese Yen on Friday, which put an end to a three consecutive session fall of the currency exchange rate. During the first half of the Monday's trading session the currency pair broke through the newly formed weekly pivot point at 113.36. The pair continued to surge, as it faced no resistance up to the level of 114.40, where close by are the monthly pivot point and the first weekly resistance by 10:15 GMT. However, daily aggregate technical indicators forecast a downfall of the pair during today's trading session.
Traders' Sentiment
Traders are more bullish on the pair, as 68% of open positions are long on Monday, compared to 61% Friday. Meanwhile, orders have remained unchanged, as 51% of pending commands are long.
© Dukascopy Bank SA