EUR/JPY moves lower, breaches 55-day SMA

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"We are very negative on the euro, we think all the structural overhangs on deleveraging, austerity and dealing with the debt all result in a very weak euro."
- Armstrong Investment Management (based on CNBC)

Pair's Outlook

The single European currency moved lower against the US dollar, breaching 55-day simple moving average. If a downside dynamics continues, bears might face an initial  resistance level at 98.63 (lower Bollinger band). A breakout here would expose the 97.20/16 zone (S1 Monthly; S2 Weekly) and 95.60 (June 1 Low) for bearish currency traders.

Traders' Sentiment
EUR/JPY traders' sentiment is bullish as 61% of investors are currently holding long positions and 39% of market participants keep short positions. Allocation of pending orders reveals a negative stance of market participants over the EUR/JPY outlook as 71% of investors expect the pair to move downwards.
© Dukascopy Bank SA

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