© Dukascopy Bank SA
- Commonwealth Bank of Australia (based on Bloomberg)
Pair's Outlook
EUR/JPY is trading slightly above the 137 level, after it was reached earlier today. Moreover, the Euro has been on a down-trend since the pair approached the major level at 138 on last Friday (August 22nd). The mentioned major level together with the weekly S1 at 136.90 will be the key indicator in the short term. We expect that these levels will support the pair for the time being and it might rebound towards the weekly PP at 137.45.
Traders' Sentiment
At the moment of writing 54% of the SWFX market participants are expecting the single European currency to lose value relative to the Yen; however, the amount of bears has decreased since yesterday. In the meantime, the share of sell orders slid from 60% to 59%.
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