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- Capital Economics (based on WBP Online)
Pair's Outlook
The poor Japanese Core Machinery Orders helped the EUR/JPY cross extend its rally for the third consecutive day yesterday; however, the pair remained below the major level of 135.00. The Euro remains supported by the 200-day SMA and the monthly S1, leaving little room for a possible decline, as technical indicators suggest. Nevertheless, the single currency is expected to advance against the Yen for the fourth day in a row, with the weekly R1 remaining the immediate resistance at 135.42.
Traders' Sentiment
Bears and bulls returned to its last Friday's level of 54% and 46%, respectively. At the same time, the number of orders to acquire the Euro edged slightly higher, now accounting for 44% of the market.
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