EUR/JPY remains bullish

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Recent Japanese data have been soft and third-quarter gross domestic product, due on November 11, is also likely to contract - all of which should see the yen cede ground"
- CNBC

Pair's Outlook

It appears that the currency couple is forming a rising wedge pattern on a daily chart at the moment ahead of a major down-trend resistance line that halted rallies for more than three years. Being that the wedge is a reversal pattern, we favour a strong rejection of the pair once it approaches an apex located at a 106 level presumably in the middle of December.

Traders' Sentiment
The majority of the SWFX marketplace participants are bearish towards EUR/JPY, with 61% of the total amount of positions being short, leaving the remaining 39% to bulls. Orders, on the other hand, give a different signal, since the share of buy orders (61%) exceeds the portion of sell orders (39%).

© Dukascopy Bank SA
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