© Dukascopy Bank SA
- Commerzbank AG (based on Bloomberg)
Pair's Outlook
The Euro continued to appreciate gradually against the Japanese Yen, the pair has posted a four consecutive daily gains and is looking forward to do the same today. Despite the bearish daily and weekly technical indicators we expect the pair to approach the weekly R1 and monthly PP at 137.72/76. To our mind that is the most likely scenario as the pair is on a bullish trend and it has managed to break the major level at 137.
Traders' Sentiment
While the pair continue to advance the sentiment is falling, as of today 60% of the traders are bearish. Concerning the orders placed 100 pips from the spot, there are now considerably less commands to sell—64% after Friday's 84%.
© Dukascopy Bank SA