© Dukascopy Bank SA
– based on Daily FX
Pair's Outlook
EUR/JPY was not successful in continuing its path towards the bottom trend-line of the two-month symmetrical triangle, bouncing from the significant 114.36/37 level which has made the pair struggle several times already. In case the pair does indeed reverse in the short term, 115.39 (weekly Pivot Point) will be tested next, and if broken, the rate will rally to the upper triangle trend-line at 116.03. Based on the location of the pair into the pattern, tests of this level could be successful and would cause a bullish outburst with several intermediate resistances on the way to the 100-day SMA and weekly R2 cluster.
Traders' Sentiment
Sentiment remains bullish with 61% of positions being long (previously 65%). The share of buy orders has decreased from 53% to 50%.
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