© Dukascopy Bank SA
- Capital Economics (based on Business Recorder)
Pair's Outlook
The European currency declined against the Japanese Yen for the second consecutive day, breaching the immediate support and reaching the Sep low. Even though the losses were held by the 132.22 level yesterday, the EUR/JPY cross is still eager to edge below 132.00. The second cluster, namely the monthly S1 and weekly S2, has already been tested, but provided sufficient support to keep the pair anchored around the Sep low. Technical studies suggest the Euro is to remain unchanged today, while the breach of the up-trend last week indicates the bearish momentum is to be preserved.
Traders' Sentiment
Bulls are once again in the majority, taking up 54% of the market. The share of buy orders, however, declined from 54 to 44%.
© Dukascopy Bank SA