EUR/JPY peaks at 102.79

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"August's small fall in German industrial production suggests that the economy probably continued to expand in the third quarter. While Germany is faring relatively well for now, we suspect that it will slip back into recession around the turn of the year." 
-Capital Economics (based on The Wall Street Journal)

Pair's Outlook
Pair peaked at 102.79 what seems as a top for Double Top pattern. Now it needs to form another full candle to confirm emergence of the pattern. This should not be hard as resistance levels at 101.58/67 seems to be providing enough downside pressure on the pair. Stochastic indicator points at further depreciation of the pair as well.

Traders' Sentiment
Traders are holding on to bearish sentiment on the pair—54% of them continue to hold short positions on the pair. However, distribution of pending buy and sell orders on the pair are in perfect equilibrium suggesting that uncertainty about the future of the pair is gaining way.

© Dukascopy Bank SA
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Mon, 08 Oct 2012 15:16:16 GMT

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