© Dukascopy Bank SA
- State Street Global Markets (based on Reuters)
Pair's Outlook
Surprisingly, the Japanese Yen managed to outperform the Euro on Monday, breaching the immediate support and stabilising at 136.32. Today the EUR/JPY currency pair appears to be stuck between the 100-day SMA and the weekly PP, hovering above the 136.00 major level. Technical studies are giving mixed signals in the daily timeframe, but the Yen is still likely to push the given cross lower, amid risk-off sentiment. The pair remains muted for now, but ultimately a decline towards the 136.00 is the base case scenario.
Traders' Sentiment
Slightly more traders now have a positive outlook towards the Euro, namely 58%. There are now more orders to buy the single currency than to sell, taking up 55% and 45% of the market, respectively.
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