EUR/JPY remains flat on Tuesday

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The fact that Governor Kuroda gave a portion of his speech to outlining the negative impact of lowering rates below zero percent helped ease speculation of further cuts to the key policy rate and helped lift the yen." 
– based on investing.com

Pair's Outlook

EUR/JPY showed no development on Tuesday morning after Monday's half percent dip, suggesting that it might not continue its short-term advance towards the trend-line at 117.90, but rather target 114.36/55 where the weekly S1, monthly pivot point and 55-period SMA limit further downside potential. If the pair does, however, recover and resumes its path North, the 50% Brexit dip retracement at 115.83 will cause a hitch before the pair rallies towards the monthly R1 at 116.46. Aggregate technical indicators support this scenario, suggesting that the rate will dive after the trend-line is reached.

Traders' Sentiment

Bullish market sentiment is at 58% (previously 63%). The share of buy orders has fallen from 62% to 54%.
© Dukascopy Bank SA
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