EUR/JPY sets eyes on 104.55

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Any kind of news in favour of an easing step is increasing yen selling. But I would be sceptical of the depreciation of the yen being sustained much beyond the monetary policy meeting itself."
- Bank of Tokyo-Mitsubishi  (based on Reuters)

Pair's Outlook
Pair has been appreciating ever since unsuccessful attempt to fall below 103.13/103 area. At the moment it seems it is preparing  for one more attempt to advance above 104.55. Although technical indicators suggest pair might succeed this time it should not stay above the mentioned level for long  as Bollinger band is likely to stop pairs advance. 

Traders' Sentiment
Amount of bears increased by additional 2% since yesterday (7% this week) and is at 58% mark as JPY remains the most sold (in 74% of all cases) major currency across the board. However, share of pending  buy orders is at 57%  suggesting that bulls might gain majority of the market soon.

© Dukascopy Bank SA
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