© Dukascopy Bank SA
- FX Prime Corp. (based on Bloomberg)
Pair's Outlook
Since there are no important macro news and the global situation in the markets remains unchanged, EUR/JPY fluctuates in a narrow channel bounded by the major resistance at 127.73 and the 20-day SMA at 128.89. The Federal Open Market Committee meeting might introduce more volatility, but still market participants do not see any upcoming drastic changes in the monetary policy. A potential upside may be suspended by the Bollinger band at 130.99 and a downside would experience a support around the lower Bollinger band at 126.79.
Traders' Sentiment
Bulls have a marginal advantage over bears, since the buy side has a 53% share in the opened positions market. Pending orders segment is also oriented to an upside move, since 66% of orders are ready to buy the pair.
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