© Dukascopy Bank SA
- UBS (based on PoundSterlingLive)
Pair's Outlook
Friday was a rather uneventful day for the EUR/JPY currency pair, as it edged only seven pips higher that day. Technical indicators retain bullish signals in the daily timeframe, suggesting the cross is likely to continue appreciating. The nearest resistance is located around 126.90, represented by the weekly R1 and the 55-day SMA, a breach of which is doubtful, as demand around it is strong. Meanwhile, from below the Euro is supported by the ascending channel's support line, which in turn is reinforced by the 20-day SMA, the weekly and the monthly PPs. The base case scenario is a rally at least above the 126.50 mark.
Traders' Sentiment
Today 53% of traders hold long positions, down from 54% on Friday. Concerning the pending orders, there are now 51% of all orders to sell the Euro (previously 29%).
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