EUR/JPY demonstrates shy gains

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"This [release] confirms that manufacturing activity is contracting, driven by the diminishing demand within the euro zone, which cannot be compensated anymore by rising demand in other non-euro-zone areas."
- BNP Paribas (based on The Wall Street Journal)

Pair's Outlook
Pair has been recovering ever since it hit 110 JPY yesterday and manage to advance approximately 30 pips today. However, recent events and readings from the RSI and the Stochastic indicator suggests that pair might advance a bit more, maybe it will even manage to reach 111.42, but no higher. Such scenario is also in line with the predictions of major market participants.

Traders' Sentiment
It seems that nothing can move bears out of the market— their numbers have been rather stable for quite some time now and today they constitute for 64% of market participants. On the other hand, pending buy orders have been piling up and at the moment they account for 72% of all pending orders.

© Dukascopy Bank SA
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