© Dukascopy Bank SA
- Berenberg Bank (based on Bloomberg)
Pair's Outlook
The Euro extended its bullish wave that started on 13 of August and since then the EUR/JPY cross has gained more than 100 pips. Today the Europe's shared currency breached the monthly PP at 137.76; although, it was not able to consolidate its positions above the level and later fell lower. Nevertheless, we expect the pair to keep its currently gained momentum and to touch the major level at 138. Moreover, the monthly technical indicators are bullish.
Traders' Sentiment
The traders' sentiment with respect to EUR/JPY stays bearish, since as many as 61% of open positions are short. In the meantime, the relative number of sell orders is falling—100-pips from the spot price their share slid slightly from 60% to 59%.
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