EUR/JPY - slight bearish correction after yesterday's jump

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Source: Dukascopy Bank SA
© 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 Outlook
After 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' Sentiment
The 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
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Fri, 27 Jul 2012 12:05:33 GMT

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