© Dukascopy Bank SA
- ABN Amro Bank NV (based on Bloomberg)
Pair's Outlook
The Euro remained relatively unchanged against the Japanese Yen yesterday, declining only five pips. With the new month the monthly pivot point shifted higher, leaving the EUR/JPY unsupported around 135.70. As a result, the given cross is expected to sustain losses today and fall to the immediate support, namely the Bollinger band around 135.12. A much stronger cluster rests around 134.40, represented by the weekly and monthly S1s and the 200-day SMA, which if broken should trigger another decline towards the July low at 133.29.
Traders' Sentiment
Bull and bears broke out of the equilibrium, with 51% of all positions now short. The share of buy orders increased from 28 to 37%.
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