Technical Analysis EUR/JPY touches monthly S2
Pair’s Outlook
The pair’s movements are still mostly determined by its bears that are pushing EUR/JPY lower, as of today the monthly S2 at 136.46 was reached. This year’s low at 136.33 remains intact; moreover, this level together with the monthly S2 and weekly S1 at 136.46/42 should be a significant support for the pair. The technical indicators are mixed; however, in the longer haul an advance is expected. Therefore, in the near term we suspect the pair to trade between the 136 and 137 levels.
Traders’ Sentiment
The bullish sentiment has jumped above the 60% once again, after yesterday’s sharp drop to 42%. The distribution between the buy and sell orders is rather stable—55% and 45% respectively.
Source: Dukascopy
