EUR/JPY is trading lower, attempts to slide to 99.06

The common European currency continues moving South amid uncertainty over the Eurozone prospects and its ability to address the debt turmoil. In case of a bullish reversal, 101.64 (55-day SMA) is likely to become an initial resistance line; once breached, a path towards 102.15 (R1 Weekly; Upper Bollinger band) and 104.55/65 (100-day SMA; R3 Weekly) will be open.

At the moment, the traders' sentiment on EUR/JPY remains bullish as 64% of investors hold long positions while 36% of traders are short on the currency pair. Within 100 points from the market price, 73% of market participants expect the Euro to deteriorate against the Japanese Yen.