EUR/JPY losses the pace

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Greece is on track with its debt buy back, Spain came out and said it would take the 40 billion for its banks, and Portugal will get its next round of funding."
- Postbank (based on Reuters)
 
Pair's Outlook
Pair tried to inch higher, but did not manage to step up any higher. At some point it was hovering below 107 JPY mark, but currently is at 107.25 after losing 11 pips since opening of the day. Although indicators on aggregate point at further appreciation of the pair, the Stochastic indicator suggests that pair has reached a turning point and we might see a bearish dip in the nearest future. Such scenario become even more probable when we pay attention ton the fact that the RSI is almost in overbought zone as well.

Traders' Sentiment
Market participants switched sides completely as at the moment 54% of traders hold long positions in the market. In addition, 66% of all pending orders on the pair are to go long  and we should see further domination of bulls in the market. 

© Dukascopy Bank SA

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