© Dukascopy Bank SA
- Nordea Bank AB (based on Bloomberg)
Pair's Outlook
Resistance at 129.22/16 was unable to contain EUR/JPY's bullishness for long, letting the currency pair to soar up to 129.72 today. If the 55-day SMA also falls victim to the rally, the next level to attempt stopping price's advancement will be at 130.70/60, the current location of monthly PP, weekly R1 and an upper Bollinger band. In this case the upper resistance line will act as a tough hurdle as well.
Traders' Sentiment
Less and less traders are willing to hold long positions at current levels, believing the Euro became too expensive. Presently 43% (47% yesterday) of market participants are bullish on the pair, but a majority (57%) are bearish on it. The ratio between the buy and sell orders is 56% to 44%.
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