© Dukascopy Bank SA
- Market (based on The Wall Street Journal)
Pair's Outlook
EUR/JPY stopped short of challenging the resistance at 140.67/29 (weekly R1) and returned back to the support represented by the 2009 highs and the weekly pivot point. Here the price is expected to receive bullish impetus and resume movement towards the up-trend resistance line at 142.97 that has been in force since the end of 2011, a scenario implied by the daily and monthly studies.
Traders' Sentiment
While on average the 17-nation currency became significantly more popular than yesterday (the share of Euro-long positions in its crosses jumped to 47% by six percentage points), this change was not observed in EUR/JPY, where 41% of positions are still long and 59% are still short.
© Dukascopy Bank SA