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– Royal Bank of Scotland Group Plc (based on Bloomberg)
Pair's Outlook
Monday ended with the European single currency appreciating against the Japanese Yen, thus, preserving the ascending channel pattern. However, the exchange rate closed relatively close to the channel's lower border, which increases risks of it getting pierced. On the other hand, technical indicators suggest that bulls are likely to prevail today, pushing the given cross higher. The 123.00 level keeps providing relatively strong psychological resistance, while the only solid supply area is located around the 124.00 mark, where the channel's upper border is strengthened by the upper Bollinger band, the weekly and the monthly R1s.
Traders' Sentiment
Once again only 54% of all open positions are long (previously 60%), while the share of sell orders inched up from 45 to 57%.
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