Dukascopy

EUR/JPY tests September low

FX_IDC:EURJPY   EURO / YEN
10 0 0
"The Governing Council is willing and able to act by using all the instruments available within its mandate if warranted in order to maintain an appropriate degree of monetary accommodation."
- Mario Draghi, ECB (based on Market Pulse)

Pair's Outlook
The European currency edged down on Tuesday, with the weekly PP somewhat limiting the losses. Today the given pivot point is acting as the immediate resistance, while technical indicators retain their bearish signals in all timeframes, suggesting the pair EUR/JPY             pair is to decline for the second day. The Sep low represents the closest support at 132.22, with a much stronger cluster around 131.55. However, losses will doubtfully extend beyond the Sep low, as that point succeeded in holding the losses several times in the past.

Traders' Sentiment
Bullish traders are now outnumbering the bearish ones, as 62% of all positions are long, compared to 49% yesterday. The portion of buy orders, on the other hand, decline from 53 to 42%.
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