© Dukascopy Bank SA
- SEB (based on Reuters)
Pair's Outlook
The shared European currency paired previous daily losses against Japan's yen after the Italian manufacturing activity contracted less than expected (42.8 act./41.8 est.). In case bullish reversal strengthens, the initial resistance level is likely to be positioned at 99.47 (R1 Weekly), followed by 101.42 (initial resistance line) and 103.74/53 (55-day ma; R1 monthly).
Traders' Sentiment
The share of bulls and bears in nearly the same on EUR/JPY. 53% of market participants expect the Euro appreciate relative to the Japanese Yen, while 47% reckon otherwise. Within 100-pips range, the pair is widely expected to rally further (73%) among traders.
© Dukascopy Bank SA