© Dukascopy Bank SA
"The yen is gradually re-weakening, reflecting easing investor concerns in the near term over both slowing economic growth in the U.S. and China, and over escalating geopolitical tensions in Ukraine."
- Bank of Tokyo-Mitsubishi UFJ Ltd (based on Bloomberg)
Pair's outlook
Through last week we saw EUR/JPY struggling to appreciate above 142; however, the pair has managed to do that today as it received a bullish impetus from 100-day SMA at 141.22. Right now it is trading around monthly R1 at 142.40 and it is fairly well supported, therefore we see it trading higher towards weekly R2 at 143.04. Around 143.00 it will meet a strong resistance and that might slow its advance.
Trader's sentiment
The sentiment has not changed much since the last time of writing, right now 53% of market participants are bearish. Concerning the orders placed 100 pips from the current price, there are 61% set to sell.
© Dukascopy Bank SA