EUR/JPY courses towards 116.00

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Overall, the lack of policy action today will reinforce concerns that the BoJ is running out of room to ease policy further. It supports our view that the yen will continue to strengthen in the year ahead beyond the current period of modest weakness in the near-term." 
- BTMU (based on FXStreet) 

Pair's Outlook
For the sixth consecutive day the Euro strengthened against the Yen yesterday, completely erasing Monday's bearish gap. The Yen has been on track lately, weakening as the BoJ expects, and sustaining more weakness after today's BoJ statement. As a result, the given cross is to end the day higher today, with the nearest resistance around 116.00 most likely remaining intact. Technical studies are bolstering the possibility of the positive outcome, as they retain bullish signals. The base case scenario is a close around 115.35, while a surge higher would imply the pair established a fresh three-week high.  

Traders' Sentiment 
Market sentiment remains bullish, but now at 66%, compared to 64% yesterday. There are still more orders to sell the Euro, namely 56% (up from 51%).
© Dukascopy Bank SA
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