© Dukascopy Bank
© Dukascopy Bank
"Only expectations are supporting the euro, including one that Greece's debt-swap deal will be settled somehow"
- Ueda Harlow Ltd. (based on Bloomberg)
Industry outlook
Bullish momentum of the pair has faded off circa 98.29. Now EUR/JPY is expected to commence trading off toward 94.92. However, this target will be reached provided that the price penetrates supports located at 97.04 and 96.15.
Traders' sentiment
The fact that the Euro is the most popular currency in SWFX market at the moment is reflected on EUR/JPY pair, where the amount of long positions (71%) distinctively outweighs the number of short positions (29%) held.
Long position opened
The initial resistance level for the pair is 98.39. If the price continues increasing, the investors will hold longs until the pair climbs up to 98.94 or 99.57.
Short position opened
Major market participants with short positions will hold their deals until the price slides down to the initial support level at 97.21. If the price continues the downtrend, the dealers might wait for the price to depreciate down to 96.58 or 96.03.
© Dukascopy Bank
© Dukascopy Bank