© Dukascopy Bank SA
"We have to ensure whatever it takes that we don't have a recession coming from the funding pressure ."
- Mario Draghi, ECB President (based on WSJ)
Pair's OutlookAfter
sharp jump yesterday due to Mario Draghi's coments on the future ECB
policies, EUR/JPY is set for a slight downward correction today. The
first significant target for bears is near the weekly S1 at 94.3116.
However, if bulls take over the initiative on the market, we are likely
to see the pair testing 20-day MA at 96.69 in near term.
Traders' SentimentThe
bullish sentiment on the SWFX index is slightly slowing down, as today
74% (down from yesterday's 83%) favor pair's appreciation in near term.
On the other hand, 26% believe that the bearish correction will continue
and soon bring the pair back to downtrend. Fundamental news from
Euro-area will have a significant impact on the pair's movements.
© Dukascopy Bank SA