© Dukascopy Bank SA
- Commerzbank (based on FXStreet)
Pair's Outlook
The European single currency failed to appreciate against the Japanese Yen and remained relatively unchanged on Monday, as the given cross edged only 16 pips lower over the day. Nothing changed in the EUR/JPY's outlook; the pair is still expected to undergo a correction after having slumped for five days in a row last week. The 123.00 psychological level keeps acting as the nearest support, still bolstered by the lower Bollinger band, whereas the monthly S1 and the weekly PP form a rather strong resistance cluster around 124.15. Technical indicators also retain their mixed signals in the daily timeframe, suggesting the EUR/JPY might consolidate for another day.
Traders' Sentiment
There are 56% of traders being long the Euro (previously 54%). The number of orders to sell the single currency edged up from 47 to 65%.
© Dukascopy Bank SA