EUR/JPY jumps from monthly R1

Note: This section contains information in English only.
Source: Dukascopy Bank SA, Dukascopy Bank SA
© Dukascopy Bank SA
"Turn the clock back a few years and these markets would be hit by contagion. But you see more signs of growth in these countries ...(and) the ECB has backstops in place."
- RIA Capital Markets (based on Reuters)

Pair's Outlook

After opening below the 100-day SMA, the pair received bullish impetus from the monthly R1 and at the moment is aiming at 55-day SMA/weekly R1. However, we expect this to be just a one time occurrence and that bearish trend, which started last week, will persists. Weekly S1/50% Fibo (Jan to Feb sell off) is expected to be tested in the shot to medium term.

Traders' Sentiment

Situation is a bit dubious at the moment. Open positions remain around 50/50 distribution. Bullish side of pending orders contracted by 5-10%, till 60%,, depending on the range around current market price, after expanding by 2-3% a few days ago.

© Dukascopy Bank SA

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