EUR/JPY dips under 121.00

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"I think there was just a load of position adjustment this morning. There has been a lot of talk about the strong data in Europe but the other backdrop is the politics. A few weeks ago, the market was convinced (conservative presidential candidate Francois) Fillon would win and that certainty has evaporated." 
- Jane Foley, Rabobank (based on Reuters) 

Pair's Outlook 
The Euro appears to be having trouble with upside momentum, being that during the previous week the given cross remained relatively unchanged when attempting to strengthen. At the same time, all bearish developments were rather strong and today is not an exception. Risk-aversion is driving the markets today, causing the Japanese Yen to strengthen against the European single currency. The closest area to limit the losses rests around 120.40, represented by the lower Bollinger band, the weekly and the monthly S1s. Moreover, there has been another sell signal earlier today, as the 20-day SMA crossed the 55-day one to the downside. 

Traders' Sentiment 
Market sentiment turned bullish today, as 52% of all open positions are long (previously 32%). The share of buy orders surged from 47 to 66%.
© Dukascopy Bank SA
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