EUR/JPY bounces from 100.205

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"This is nothing of the magnitude of the German Constitutional Court decision. But when the euro zone's most significant central bank is being sceptical it doesn't encourage international investors to be holders of euros."
- CIBC (based on Reuters)

Pair's Outlook
After bouncing from cluster of support levels at 100.205/100 pair is currently hovering slightly above 20 bar SMA at 100.824. Although Stochastic indicator suggests that appreciation of the pair should last a bit more, pair faces significant downside risk and another attempt to breach 100.205 should not be a surprise this week.   

Traders' Sentiment
Bearish sentiment on the pair persists (56% of short positions; +1% since yesterday) as JPY is one of the most sold currencies across the board (75% of all cases). Amount of pending buy orders dropped significantly (-11% since yesterday; 54% currently) suggesting a strengthening bearishness in the market.

© Dukascopy Bank SA

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