© Dukascopy Bank SA
– based on Reuters
Pair's Outlook
The 114.36/47 level proved itself unbreakable, causing EUR/JPY to bounce and shift into a bullish stance on Tuesday. The trend remained intact all morning even after less than satisfactory German fundamental data readings, from which the rate made a quick recovery. The negative surprise was stalled by the multi-month triangle bottom trend-line at 113.91, and the pair is now targeting the weekly Pivot Point at 115.13, which it could attempt during Tuesday's trading session. If broken, the level will serve as support for the rally towards 115.92, the triangle upper trend-line.
Traders' Sentiment
Sentiment remains bullish with 68% of positions being long (previously 66%). The share of buy orders has dropped from 57% to 55%.
© Dukascopy Bank SA