EUR/JPY tests down-trend resistance at 137.25

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Given that the economy still has a lot of slack and inflation is already at low levels, signs of a stalling recovery strengthen the case for more monetary stimulus."
- ABN Amro Bank NV (based on Bloomberg)

Pair's Outlook
The Europe's shared currency gained bullish momentum and approached the current down-trend's resistance line at 137.25. If the pair breaks this level the bulls could drive it even higher, towards the monthly PP and 55-day SMA at 137.76/80. However, the technical indicators do not support a short-term advance, thus the pair's bulls should put a considerable effort to push the pair towards previously mentioned levels.

Traders' Sentiment
The pair's sentiment fell to 42% from 46% yesterday, indicating that amount of traders that see the Euro extending its gains are decreasing. In the meantime, the share of sell orders remained unchanged.
© Dukascopy Bank SA
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