EUR/JPY struggling with 120.4

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"It appears increasingly likely that next week the Bank of Japan will acquiesce to the government's demands for a 2% inflation aim."
- Barclays Capital (based on MarketWatch)

Pair's Outlook

Following a bullish impetus from weekly PP and monthly R1, received after a bearish correction, the pair is struggling to advance above monthly R2 at 120.4. However, technical indicators rather confidently point at appreciation of the pair, in addition we have uptrend channel and increasing number of pending by orders, which lets us to believe that we might see some mild bearishness in the pairs development, but long term expectations are strongly bullish.

Traders' Sentiment

Shares of short and long traders in the market remained almost unchanged—bears constitute for 63% of market participants leaving 37% for the bulls. However, the share of pending long orders in the market increased further and reached 60% gauge.

© Dukascopy Bank SA

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