EUR/JPY recovers in front of support cluster

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The Yen has reversed a portion of those losses; and this has helped to bring EUR/JPY back down to support around 114.08." 
– based on Daily FX

Pair's Outlook

EUR/JPY was not successful in continuing its path towards the bottom trend-line of the two-month symmetrical triangle, bouncing from the significant 114.36/37 level which has made the pair struggle several times already. In case the pair does indeed reverse in the short term, 115.39 (weekly Pivot Point) will be tested next, and if broken, the rate will rally to the upper triangle trend-line at 116.03. Based on the location of the pair into the pattern, tests of this level could be successful and would cause a bullish outburst with several intermediate resistances on the way to the 100-day SMA and weekly R2 cluster.  

Traders' Sentiment

Sentiment remains bullish with 61% of positions being long (previously 65%). The share of buy orders has decreased from 53% to 50%.
© Dukascopy Bank SA

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