EUR/JPY remains depressed, reaches lower Bollinger band

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"At least at the moment, we're having a better perception of risk today I think is providing some short term impetus. The question as to how far this can actually take us and whether this risk rebound is really durable, I'm not so convinced as yet."
- Jeremy Stretch, CIBC (based on Reuters)

Pair's Outlook

The single European currency moved lower against the Japanese yen as currently the pair is approaching 97.22 (S1 Monthly; Lower Bollinger band), indicating that bearish mood prevails on EUR/JPY among market participants. Thus, if the inertia holds till the end of this week, 96.32 (Upper support line; S1 Weekly) and 95.60 (June 1 Low) might be tested next by bearish traders.

Traders' Sentiment
The bullish sentiment on EUR/JPY has weakened since yesterday as at the moment 63% (69% yesterday) of investors are long on the pair and 37% of currency traders hold  short positions. Order disposition suggests that traders are undecided on where the price will move further as 52% of currency traders expect the pair to move lower and 48% of investors expect EUR/JPY to fall further.
© Dukascopy Bank SA

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