© Dukascopy Bank SA
– based on Daily FX
Pair's Outlook
EUR/JPY did not slope under the significant 114.36/42 level, where the monthly Pivot Point, the weekly S1, the 38.20% Fibonacci retracement from the Brexit dive and 55-day SMA combine their strength to provide enough demand to offset a further sell-off. The pair pushed against the weekly Pivot Point at 115.3863 to target the 50% Brexit dip Fibonacci retracement. A close above this level could imply that the upper trend-line of the two-month symmetrical triangle at 116.02 will also be endangered by the current bullish momentum.
Traders' Sentiment
Sentiment remains bullish with 67% of positions being long (previously 61%). The share of buy orders has increased from 56% to 56%.
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