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- Oxford Economics Ltd. (based on Bloomberg)
Pair's Outlook
The European currency edged higher versus the Japanese Yen for the third day in a row on Friday, after testing the monthly S1 at 134.25. The resistance cluster in face of the 20 and 200-day SMA kept the pair away from pushing higher last week, thus, the EUR/JPY cross is expected to decline today, despite having opened trade on top of the weekly pivot point. The nearest support from this point on rests at 134.25, represented by the monthly S1, a breach of which could trigger a decline beyond the 134.00 major level.
Traders' Sentiment
Bears refuse to give up, with 52% of traders being short the Euro and the remaining 48% being long. The percentage of orders to acquire the single currency, on the other hand, increased to 57%.
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