© Dukascopy Bank SA
- UBS (based on CNBC)
Pair's Outlook
For the second time in a row there were no surprises in the EUR/JPY pair's behaviour. The given cross rose on Monday, reaching a daily high of 136.06, but stabilised in front of the immediate resistance, namely the weekly PP. The pivot point is also likely to turn the tide for the Euro, and cause it to decline today. Monday's gains can very well be negated , as the nearest support rests only around 133.75, represented by the Bollinger band and 100-day SMA. Meanwhile, technical indicators retain their bearish signals, bolstering the possibility of a slump.
Traders' Sentiment
Bulls are now in the majority, taking up 52% of the market (previously 49%). The share of buy orders edged up from 23 to 29%.
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