© Dukascopy Bank SA
- Bank of Tokyo-Mitsubishi UFJ Ltd. (based on Bloomberg)
Pair's Outlook
EUR/JPY has traded in a very narrow range today, with the highest level below the weekly R1 that is located at 144.49. The pair is facing difficulties to breach and to consolidate above the major level at 144. Nonetheless, the target remains unchanged and it is the previously mentioned weekly R1 at 144.49. Additionally, the daily and monthly technical studies are bullish, thus favouring the scenario where the Euro outperforms the Yen.
Traders' Sentiment
Even though the gap between the bullish and bearish market participants narrowed, it still remains rather considerable, as 62% are bears. In the meantime, the share of buy orders dropped from 78% down to 52%.
© Dukascopy Bank SA