EUR/JPY slumps, targets 96.18

The Euro moved lower against the Japanese Yen, commencing a bearish correction. If bearish momentum holds, 96.18 (Upper support line) is likely become an initial support level for bearish traders. A breakout of this level would expose 95.14 (Lower Support line) and 92.93 (S2 Weekly), respectively.

Traders' sentiment us bullish on EUR/JPY as 62% of traders acquired the Euro against the Yen, whereas 38% of market participants hold opposite positions. The pending order allocation indicates that 78% of investors expect the pair to recover over the middle term, and 22% of currency traders expect the pair to rebound from the all-time low.