EUR/JPY bound between 106.08 and 106.70

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The discussion on (negative) interest rates is what started the slide in the euro in the last 24 hours and the Bundesbank report has just compounded that." 
- Bank of New York Mellon (based on Reuters)

Pair's Outlook
Pair continued its yesterdays dip, but was halted and kicked back up by 20-bar SMA at 106.08. However, weekly PP at 106.70 did not allow the pair to pick up any higher. Technical indicators send a very strong aggregate buy signal, suggesting that mentioned SMA might kick in some momentum in to pair and we could see additional attempt to reach new high early next week.  

Traders' Sentiment
As week closes up to the end, market mood keeps going closer to the equilibrium as the ration between bears and bulls in the market is 52% to 48% respectively. However, in the new week bears might regain a significant part of the market as 60% of pending orders are to go short.

© Dukascopy Bank SA
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Fri, 07 Dec 2012 15:44:16 GMT

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