© Dukascopy Bank SA
- RBC Capital Markets (based on CNBC)
Pair's Outlook
The Euro advanced against the Japanese currency, not only piercing the immediate resistance, but also negating the previous week's losses. Today the EUR/JPY cross opened just below the 55-day SMA, with another cluster resting just 50 pips above, which are likely to cause the given pair to decline. However, immediate support lies around 135.60, represented by the 20-day SMA and weekly R1, limiting any downside volatility. Meanwhile, technical studies retain their bearish signals, bolstering the possibility of the negative outcome.
Traders' Sentiment
Bears keep dominating the market, taking up 56% of it. The number of sell orders increased, accounting for 61% of the market.
© Dukascopy Bank SA