© Dukascopy Bank
"There's really been nothing that would make you want to even play for an interim bounce in the euro"
- Westpac Banking Corp. (based on Bloomberg)
пЃ® Industry outlook
Rallies are not expected to prolong beyond a solid resistance at 102.55. Being that EUR/JPY has staved in supports at 100.77 and 99.92, the outlook is bearish. The currency pair is currently heading toward 98.71, en route to 94.92.
пЃ® Traders' sentiment
The stance of market participants toward EUR/JPY remains more or less the same. The overwhelming majority of traders (79.22%) is holding long positions, whereas 20.78% of them stay bearish on the price.
пЃ® Long position opened
Investors should pay close attention to the identified resistance levels for the pair at 100.00, 100.72 and 101.20.
пЃ® Short position opened
A part of the brokers will close their short positions near initial support level at 98.80. In case of downtrend continuation, the pair might rebound from the S2 at 98.32 or S3 at 97.60.
© Dukascopy Bank