© Dukascopy Bank
"Nobody sees anything on the horizon that could be mildly positive for the euro"
- BNP Paribas (based on CNBC)
пЃ® Industry outlook
The Euro - Japanese Yen currency pair has pierced through a key support at 101.00 and is currently eyeing 99.50 as a next target. Should the latter level be breached, weakness of the price might extend down to 99.00.
пЃ® Traders' sentiment
The ratio between bulls and bears has been significantly altered for EUR/JPY and the overall bias has become neutral. The amounts of long and short positions are therefore almost equal, being 49.11% and 50.89%, respectively.
пЃ® Long position opened
Initial resistance area for the pair is situated at 101.54. Subsequent goals for the bullish market payers may be found at 102.20 and 102.62.
пЃ® Short position opened
Major dealers are planning to partially close their short positions if the pair touches upon the first support level at 100.46. However, if the bearish impetus proves to be strong enough, some of the positions could be squared off at S2 of 100.04 and at S3 of 99.38.
© Dukascopy Bank