EUR/JPY aims at 8 month high

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"A little inflation and a weak yen could be tremendously supportive for some Japanese businesses. […] it could happen faster than people currently appreciate."
- Matthews Asia (based on The Financial Time)
 
Pair's Outlook
Pair continuous its gamely rally. At the moment it is supported by weekly R1 and aims at 8 month high, which should be an easy task for the pair as indicators suggest. However, depending at what level will the week end, we might see a bearish correction some time soon.

Traders' Sentiment
Short traders continue holding slim majority in the market—at the moment they constitute for 53% of market participants. However, after taking a look at distribution of pending orders it is rather evident that situation can change rather quickly as 63% of pending orders are to go long.

© Dukascopy Bank SA
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