© Dukascopy Bank SA
- ABN Amro Bank (based on Bloomberg)
Pair's Outlook
The European single currency experienced another rally against the Japanese Yen on Thursday, putting the ascending channel's resistance line to another test. However, due to additional levels bolstering the trend-line, a breach failed to occur. Technical studies keep giving bullish signals today, implying another surge is likely to occur. The channel's resistance line is likely to be the level to limit possible gains today, still bolstered by the 61.80% Fibo, the Bollinger band and the weekly R1. Overall the Euro is expected to keep outperforming the Yen, as the BoJ continues to make necessary adjustments in order to weaken its domestic currency.
Traders' Sentiment
Today 59% of traders are long the Euro (previously 57%), while all pending orders are equally divided between the buy and the sell ones.
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