© Dukascopy Bank SA
- BNP Paribas SA (based on Bloomberg)
Pair's Outlook
EUR/JPY continues its advance as the pair approached the weekly and monthly R1 at 137.74/97 today. These resistance levels together with the psychological level at 138 will be a serious challenge. Moreover, the last climb was stopped around today's high at 138.18 and could add to traders uncertainty. The technical indicators are mixed; although, the monthly ones are more to the upside. With all in mind we expect a period of consolidation around the 138 mark.
Traders' Sentiment
Still a slight majority (53%) of the SWFX market participants are bearish, apparently the recent gains have not been convincing enough. The distribution between the buy and sell orders is also quite stable—52% and 48% respectively.
© Dukascopy Bank SA