© Dukascopy Bank SA
- Mizuho Securities (based on Reuters)
Pair's Outlook
The European currency behaved in accordance with expectations on Monday, as the rally against the Yen was limited by the cluster around 132.30. Today the EUR/JPY cross remains opened trade within the mentioned cluster, which is still preventing the pair from edging higher. However, the lowest level of the cluster is now providing support in face of the weekly PP at 132.15; with a stronger level located at 130.98, represented by the monthly PP. Meanwhile, the 55-day SMA is the level to limit the gains today if the Euro manages to break out of the 132.30 area.
Traders' Sentiment
Traders' sentiment is equally divided between bulls and bears, while three quarters (75%) of all orders are to sell the single currency.
© Dukascopy Bank SA