© Dukascopy Bank SA
- Mizuho Corporate Bank (based on CNBC)
Pair's Outlook
On Friday, after touching both the 55 and the 100-day SMAs, the EUR/JPY currency pair ended the day with a 17-pip loss. The 200-day SMA prevented the pair from maintaining trade above 134.00 and is likely to do so again today, pushing the cross even lower. The 200-day SMA is now reinforced by the Bollinger band, providing resistance; whereas the immediate support is represented by the 55-day SMA. The next target in case the 55-day SMA gets pierced is located at 132.75, namely the weekly PP, but mixed technical studies suggest the exchange rate will doubtfully drop that low.
Traders' Sentiment
Today 74% of all positions are long (up from 67%), whereas the percentage of buy orders increased from 41 to 53%.
© Dukascopy Bank SA