© Dukascopy Bank SA
- KLP Kapitalforvaltning AS (based on Bloomberg)
Pair's Outlook
On Thursday the European single currency once again appreciated against the Japanese Yen, therefore, breaching the three-year down-trend. Consequently, the EUR/JPY cross is now expected to continue climbing up, with technical indicators bolstering this possibility. However, there is still one obstacle left on the pair's path, namely the supply area around 120.00, represented by the Bollinger band, the weekly and the monthly R3s. This resistance cluster is the only thing preventing the Euro from reaching the June 23 high, which was the day ‘Brexit' was announced, causing the given instrument to drop more than 1200 pips.
Traders' Sentiment
Today 55% of all open positions are long and the remaining 45% are short. At the same time, 60% of all pending orders are to sell the Euro.
© Dukascopy Bank SA