© Dukascopy Bank
"In the very short-term people will be reluctant to take positions in the euro as there is a lot of announcement risk surrounding Greece"
- HSBC (based on CNBC)
Industry outlook
EUR/JPY is attempting to base around 99.00/98.90. In the meantime, rallies are unlikely to extend above 55 day ma at 101.21 and additional resistance at 102.55/60. Below 99.00/98.90 the pair will target 97.04.
Traders' sentiment
The vast majority (68%) of market participants who keep positions on EUR/JPY are bullish on the pair. Consequently, bears are in minority, constituting 32% of the market.
Long position opened
The price might rebound from the first resistance level at 101.13, so major dealers are planning to close some of their long positions near this level. Subsequent goals for bulls are 101.48 and 102.08.
Short position opened
Major FX traders expect the price to test the initial support level at 100.18. The breakout of this line will pave the way for the price to test S2 at 99.58 and S3 at 99.23.
© Dukascopy Bank