© Dukascopy Bank SA
- CLSA Ltd. (based on Bloomberg)
Pair's Outlook
The Euro continues to outperform the Japanese Yen and today the pair reached a new six-year high at 149.15. EUR/JPY slipped to the 148 level, after breaching the major level at 149. Nonetheless, at that level there is a cluster of strong resistances (2007 low; weekly R2 and monthly R3) above the 149 mark. At the same time, the daily and monthly technical studies continuously point to the upside, thus the previously mentioned cluster remains the near-term target.
Traders' Sentiment
The sentiment with respect to EUR/JPY stays distinctly bearish—63% of all open position are short; moreover, it has been around these levels for almost 10 days. In the meantime, the share of buy orders grew from 53% up to 56%.
© Dukascopy Bank SA