© Dukascopy Bank SA
- UBS (based on Reuters)
Pair's Outlook
On Monday, the EUR/JPY currency pair declined, as was anticipated. The pair reached 127.6 during the trading session, but settled at 128.13, failing to penetrate the 128 psychological level. The bearish momentum is expected to last through Tuesday, while technical studies are bolstering the negative outcome. The Euro is likely attempt reach the 127 level, but the weekly PP should slow down the slide. As a result, the single currency is to close around 127.50.
Traders' Sentiment
Less traders now how a positive outlook towards the Euro, as only 57% of all positions are long (previously 58%). Meanwhile, the sell orders now takes up an even larger part of the market, namely 59%, compared to 53% yesterday.
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