© Dukascopy Bank
"We should have a bit of positive sentiment for the euro over the rest of this week as the market still seems a little short"
- JPMorgan Chase & Co. (based on Bloomberg)
Industry outlook
EUR/JPY is currently approaching a formidable resistance situated at 106.02 and may not overcome it at the first try. Near-term supports are located at 105.41, 104.81 and 103.90, while 102.01 is a key level.
Traders' sentiment
Traders' sentiment has turned bearish on EUR/JPY, as more market participants (60%) have preferred to acquire the Japanese Yen against the Euro.
Long position opened
Initial resistance area for the pair is situated at 106.01. Subsequent goals for the bullish market payers may be found at 106.49 and 106.97.
Short position opened
The immediate support line is at 105.05. Should the price step even lower, it will encounter subsequent levels at 104.57 and 104.09, where recovery might start.
© Dukascopy Bank