EUR/JPY bounces off 55-day SMA

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The BOJ seems confident in its economic assessment and outlook, there is an above 50 percent chance of easing in July."
- JPMorgan Chase & Co (based on Bloomberg)

Pair's Outlook

If yesterday we started to see some bullish signs from the EUR/JPY then today it offers a completely different outlook. It looks like the monthly PP above the pair's trading level is a quite significant obstacle, although, its retreat was also impacted by the BoJ meeting. Pair's decline was stopped by 55-day SMA and weekly S1 at 140.83/78. We expect that probably the pair will bounce back to trade around monthly PP.

Traders' Sentiment

The sentiment towards EUR/JPY has little changed as of now 43% of the SWFX traders are bullish and 57% of them are bearish. Concerning the orders set, 59% of them are set to buy.
© Dukascopy Bank SA

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