© Dukascopy Bank SA
- Nordea (based on CNBC)
Pair's Outlook
The bullish run of EUR/JPY stalled at the 132.19/131.57 resistance area, being unable to penetrate the monthly R1 that is reinforced by the weekly R2 and an upper Bollinger band. Nevertheless, the currency pair should manage to overcome this hurdle and then approach 133.81, while being supported by the 55-day SMA at 129.75 and the up-trend line at 128.57.
Traders' Sentiment
The SWFX traders' sentiment is heavily in favour of a softer Euro, since among all the open positions 69% are short, meaning that the bulls are currently in a minority with only 31% of the market. As for the orders, 57% of them are claims to purchase the single currency and the rest 43% are to sell it against the Japanese Yen.
© Dukascopy Bank SA