Note: This section contains information in English only."Euro bullishness should have dampened the EUR/JPY skew, which is an attractive Sell."
- Societe Generale (based on FXStreet)
Pair's Outlook
[ANNOUNCE]The Euro overperformed on Friday, having risen higher than anticipated, with trade closing at 114.90 yen.[/ANNOUNCE] The EUR/JPY pair opened with a small bullish gap today, renewing its previous bullish trend. Today the pair's gains are unlikely to exceed 65 pips, as the Bollinger band, the weekly R1 and the 50% Fibo form a strong resistance cluster around 115.80. Meanwhile, technical indicators are giving bullish signals in the daily timeframe, bolstering the possibility of the positive outcome. However, the base case scenario is the exchange rate stabilising around 115.40.
Traders' Sentiment
Bullish traders' sentiment remained unchanged over the weekend, with bulls still taking up 62% of the market. At the same time, the number of orders to purchase the European currency edged down from 55 to 49%.
Mon, 07 Nov 2016 13:53:34 GMT
Source: Dukascopy Bank SA
- Societe Generale (based on FXStreet)
Pair's Outlook
[ANNOUNCE]The Euro overperformed on Friday, having risen higher than anticipated, with trade closing at 114.90 yen.[/ANNOUNCE] The EUR/JPY pair opened with a small bullish gap today, renewing its previous bullish trend. Today the pair's gains are unlikely to exceed 65 pips, as the Bollinger band, the weekly R1 and the 50% Fibo form a strong resistance cluster around 115.80. Meanwhile, technical indicators are giving bullish signals in the daily timeframe, bolstering the possibility of the positive outcome. However, the base case scenario is the exchange rate stabilising around 115.40.
Traders' Sentiment
Bullish traders' sentiment remained unchanged over the weekend, with bulls still taking up 62% of the market. At the same time, the number of orders to purchase the European currency edged down from 55 to 49%.