© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
EUR/JPY was pushed off its path towards the multi-year downtrend, implying a tendency of diminishing lows, and a close anywhere below Wednesday's opening level would add ground to the proposition of a newly developed downward trend-line. The rate is currently attempting the 55-day SMA, monthly Pivot Point and weekly S1 cluster at 114.39/48, and if it is successful in closing beneath this level, the way towards a set of various intermediate resistances will be opened. The symmetrical triangle developed over the last two months, however, suggests that the pair could still be on its way to reach the original downtrend, just to post more losses after that.
Traders' Sentiment
Bullish market sentiment is at 65% (previously 58%). The share of buy orders has fallen from 54% to 53%.
© Dukascopy Bank SA