© Dukascopy Bank SA
- Deutsche Bank AG (based on Bloomberg)
Pair's Outlook
The Europe's common currency continues to fall relative to the Japanese Yen, as of today the pair reached the weekly S1 at 136.90. Moreover, the shorter term technical indicators point more to the downside; however, the monthly technical studies are bullish. To our mind, if EUR/JPY slides below the weekly S1 then the decline could be extended to July's low at 136.37. Although, a rebound is possible if the weekly S1 holds.
Traders' Sentiment
The amount of the pair's bulls are increasing, as of today 47% of the SWFX traders are favouring the Euro. For comparison, a week ago the pair's sentiment was at 36%. At the same time the gap between the buy (52%) and sell (48%) orders is narrowing.
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