© Dukascopy Bank SA
– Nick D'Onofrio, chief executive at London-based hedge fund North Asset Management (based on Reuters)
Pair's Outlook
Friday ended with the Euro experiencing a small decline against the Japanese Yen, as the resistance cluster just above the 122.00 mark proved to be impenetrable at that moment. Today the EUR/JPY pair not only opened with a bearish gap, but even put the immediate demand area circa 118.75 to the test today. However, technical indicators retain bullish signals, implying the cross is to close in the green zone. The weekly pivot point represents immediate resistance, but the main focus is still on the cluster above the 122.00 level, formed by the June 23 high, the weekly R1 and the Bollinger band.
Traders' Sentiment
Market sentiment is now equally divided between the bulls and the bears, whereas the portion of sell orders increased significantly, namely from 51 to 82%.
© Dukascopy Bank SA