© Dukascopy Bank SA
- Geoffrey Yu, UBS (based on CNBC)
Pair's Outlook
For the time being the currency pair stays directionless, being unable to gather bullish momentum, which should be provided by the support at 139.03/138.65. The pull-back, however, may extend down to the rising trend-line that currently creates demand area around 137.60, but is unlikely to drag on for a long period of time, since the daily and monthly studies are mostly giving ‘buy' signals.
Traders' Sentiment
The portion of open long positions on EUR/JPY slightly diminished—now they take up 39% of the market instead of 41% as it was yesterday. Speaking of the orders, 72% of them are set to purchase the single European currency and 28% to exchange it for the Japanese Yen.
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