EUR/JPY faces 120.40

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The confirmation that there's going to be a push for a new BoJ governor, that new governor is going to have a mandate of 2 percent inflation, that plus the fiscal stimulus is a major negative for the yen."
- Standard Chartered Bank (based on CNBC)


Pair's Outlook

The currency pair is gradually slowing down ahead of 120.40, somewhat losing its bullish momentum following a breach of 117.90/39. This area, which is now supporting the price, is supposed to end the bearish correction that is emerging at the moment. A deeper extension, however, is still possible and could drag EUR/JPY down to 115.44/114.90, a most likely point of contact with the rising trend-line in such a scenario.

Traders' Sentiment
SWFX traders' sentiment has stabilised towards EUR/JPY with 29% of market participants being in favour of a stronger Euro and 71% in favour of a stronger Japanese Yen, which is one of the most preferred currencies among its peers (acquired in 67% of cases on average). Conversely, the amount of buy orders (69%) substantially exceeds the amount of sell orders (31%).
© Dukascopy Bank SA

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