EUR/JPY undergoes a rally

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The financial markets can now begin to price more confidently the risk of more overt political pressure on the BOJ to rid Japan of deflation."
- Bank of Tokyo Mitsubishi (based on Reuters)

Pair's Outlook
After dipping to 100.3 yesterday pair bounced and never looked back. At the moment it is hovering supported by 55-day SMA. Although this rally was long anticipated and awaited, but by undergoing it pair almost undoubtedly stepped in to oversold area, as indicated by technical indicators on daily outlook, ant it is likely we will see a bearish correction to 101.6

Traders' Sentiment
Share of bulls and bears in the market is in perfect equilibrium once again—for the third day in last 7 trading days. Clearer view is given by pending orders— yesterday, 54% of them were to go long; today 58% of all pending orders are to go short. Overall it seems that bearish moods are creeping in to the market.

© Dukascopy Bank SA
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Wed, 14 Nov 2012 16:40:13 GMT

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