© Dukascopy Bank SA
- Matteo Cominetta, HSBC Holdings Plc (based on CNBC)
Pair's Outlook
Yesterday the resistance at 135.64/50, consisting of the monthly R1 and the November high, prevented further appreciation of the Euro relative to the Yen. However, at the same time EUR/JPY is not gravitating towards the up-trend support at 134.28, which should be the first target in case of a bearish correction, suggesting there may soon be yet another test of the supply area.
Traders' Sentiment
On the whole more traders are entering Yen-long positions (48%) and less traders are entering Euro-long positions (45%) in their respective crosses. Particularly in EUR/JPY we observe the same tendency—the share of bears (already 59% of the market) is increasing and the share of bulls is contracting.
© Dukascopy Bank SA