© Dukascopy Bank SA
- Commerzbank (based on FXStreet)
Pair's Outlook
The European remained relatively unchanged against the Japanese Yen yesterday, as it rebounded from the intraday low back above the 133.00 major level. Positive fundamental data boosted the Euro today, but the cluster in face of the weekly PP and the 55-day SMA is providing obstacles for the EUR/JPY's rally. In case of a breach of this immediate resistance, trade will doubtfully rise above 133.75. At the same time, this group of levels might even turn the tables around and cause a sell-off towards 132.30, namely the weekly S1 and monthly R1. Technical studies, however, are giving bullish signals.
Traders' Sentiment
Bears are now in the majority, as 55% of all open positions are short. The number of orders to buy the Euro also declined, from 62 to 46%.
© Dukascopy Bank SA