EUR/JPY dips to 106 JPY

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The main reasons for the improvement in expectations are the ECB's measures announced in the summer. It has taken private investors time to recognize that the ECB's clear pledge on an "irreversible" euro has led to a turn around."
- Sentix (based on Reuters)

Pair's Outlook
Pair started the week with a dip to 106 JPY, but quickly recovered and at the moment is hovering supported by 20-day SMA at 106.36. Technical indicators draw rather positive outlook on the pair as their aggregate signals point at appreciation of the pair on 1D and 1W horizons, but the Stochastic indicator on the 1W sends sell signal suggesting we might see a major bearish dip after bullish rally.

Traders' Sentiment
At the end of last week it seemed we will open the week with equilibrium between bears and bulls in the market, but short traders took a bite of the market and constitute for 57% of market participants. Pending orders suggest that bears will remain dominant in the market as well—60% of pending orders are to go short.

© Dukascopy Bank SA

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