© Dukascopy Bank SA
The EUR/JPY pair has been trading in boundaries of the channel down pattern since April 2. The latest bearish impulse was received on June 9, as the pair touched the 200-period SMA and bounced back, trading now between daily R2 and weekly S3 just in a 85-pip range. The key support is located at 137.72, however, according to ‘sell' signals from technical indicators, the pair will head towards this level anytime soon again. Market sentiment is not clearly marked, while pending orders in a 100-pip range are distributed almost evenly. We do not expect any significant movements on Friday, hence the pair will mostly continue fluctuating in the above-mentioned range.
© Dukascopy Bank SA