EUR/JPY denied by 120.40

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Cypriot negotiations with the Troika this week are unlikely to produce agreement. Combined with continued macroeconomic uncertainty in Europe, such factors could help moderate (but not fully contain) a euro move higher."
- Credit Agricole (based on MarketWatch)


Pair's Outlook

A rally from 115.00, commenced on Jan 9, appears to be overextended and requires a bearish correction prior to its continuation. However, a rising support line, currently at 117.90/39, that connects minima since Nov 14, should stay intact for the bullish outlook to remain valid. Otherwise, it will imply emergence of a dip down to 112.00/111.43—Mar 21 high.

Traders' Sentiment
The share of short positions has slightly increased, up to 64%, enhancing the dominance of bears over bulls, as the market is becoming increasingly convinced that the bearish correction is to prolong. As for the orders, a majority (64%) of them is to buy the Euro and 36% are to sell it against the Japanese Yen.
© Dukascopy Bank SA

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