© Dukascopy Bank SA
- Chapdelaine & Co. (based on Bloomberg)
Pair's Outlook
The Euro tumbled versus the Yen to the South for almost 147 pips on Tuesday. Such a steep fall surpassed all the previous support levels but failed to trade below the 2013 year end open point, which is also a round psychological level at 145. Despite the cross being in an oversold condition, a move lover may instantly find a weekly S3 support point at 144.75. However, the SMA's are continuing to point higher, indicating that a consolidation should follow up soon.
Traders' Sentiment
Traders become more concerned about the strength of the Euro, hence, more longs have been opened since the last update. Meanwhile, the 50 pip buy pending orders are placed in 57%, while those for the 100 pip move will be sold in 48% of all the cases.
© Dukascopy Bank SA