EUR/JPY starts week firmly

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Now (Rajoy) has the support of his region, perhaps he'll feel confident to actually press forward and ask for a bailout."
-City Index (based on Reuters) 

Pair's Outlook
Pair started week by receiving a very strong bullish impetus from 103.13/103 area and is currently testing Bollinger band/weekly pivot (R1) after appreciating more than 130 pips today. In the nearest futures pair should slow down the pace, but readings of technical indicators allow us to believe that general trend will persist. 

Traders' Sentiment
Start of new week injected some certainty about the pair as  at the moment 55% of traders hold short positions on the pair. However, this might change very quickly as 57% of all pending orders on the pair are to go long. 

© Dukascopy Bank SA
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