© Dukascopy Bank SA
- Frankfurt-based central bank (based on Bloomberg)
Pair's Outlook
Yesterday the Euro appreciated against the Japanese Yen slightly more than expected, having breached the ascending channel's resistance line and put the three-year down-trend to the test. Technically, the European currency is to decline today, therefore, preserve the not only the channel pattern, but also the down-trend. However, technical indicators suggest otherwise, which implies the three-year down-trend is to be broken. A successful attempt to edge higher today could allow the given cross to shortly reclaim the 120.00 psychological level, as the resistance around the 119.00 mark lacks the strength to hold the Euro from climbing higher.
Traders' Sentiment
There are 57% of traders being long the Euro today (previously 59%), while the portion of sell orders surged from 51 to 72%.
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