EUR/JPY trades sideways

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The Commission expects growth of about 1.2 percent in 2014, which is somewhat better than what was forecast in the autumn. But we know that we can do better than 1.2 percent."
- German Chancellor Angela Merkel (based on Reuters)

Pair's Outlook

As expected pair continues to show no bias and trades sideways. We expect it to continue consolidating around 141 JPY this trading week and that major moves could be expected only in the beginning of next week. Only a peak above monthly R1 or dip below 55-day SMA could provoke the pair to try to reach new high or trail till 139 JPY.
 

Traders' Sentiment

Bulls took a major hit today. At the moment they account for 47% of market participants, that is 3% less than yesterday. Besides that, long side of pending orders contracted by no less than 7% and is at 38-50% level depending on the range.

© Dukascopy Bank SA

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