EUR/JPY declines sharply

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Japan's trade position has deteriorated markedly in recent years and that's something we continue to see as a negative factor for the yen."
- Bank of Tokyo-Mitsubishi UFJ Ltd. (based on Bloomberg)


Pair's Outlook
After last week's appreciation the Euro dropped more than 50 pips today as the weekly and monthly PPs at 139.61/69 were broken. It seems the major level at 140 were too hard to beat and the pair received a bearish impetus there and fell lower. The next target for pair's bulls is the weekly S1 and 20-day SMA at 139.15/13 and right after that more significant major level at 139. Nevertheless, the short term technical indicators are largely bullish and that could limit pair's losses.

Traders' Sentiment
The difference between the amounts of long and short positions open on EUR/JPY has narrowed since the previous report, as of now 59% of market participants expect the Euro to depreciate.
© Dukascopy Bank SA

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