© Dukascopy Bank SA
- Bank of Tokyo-Mitsubishi (based on WBP Online)
Pair's Outlook
The Euro slumped against the Japanese Yen, but more than anticipated. Instead of finding support at the 20-day SMA, the cross tested the 129.55 support, represented by the weekly PP. Nonetheless, the pair lost 136 pips and settled between the monthly S2 and weekly PP, at 129.70. The technical studies suggest a further decline, which can be stopped either by the weekly pivot point, or, if the pair drops deeper, by the weekly S1, which is bolstered by the monthly S3.
Traders' Sentiment
Although slightly weaker than yesterday, but traders' sentiment remains bullish: 53% of positions are long. The share of buy orders slid 21 pp. Now 46% of commands are set to acquire the Euro.
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