© Dukascopy Bank
"With the divergent monetary policy views likely to persist, we expect a renewed weakening in the euro, a decline that may not be far away"
- Wells Fargo (based on CNBC)
Industry outlook
EUR/JPY has managed to remain above 106.94 and its bias is therefore bullish. Ahead of the pair is situated a tough resistance at 108.75, which guards 109.51/58 (55 week ma). In the longer term 110.18 is in focus.
Traders' sentiment
The share of bulls and bears in nearly the same on EUR/JPY. 52% of market participants expect the Euro appreciate relative to the Japanese Yen, while 48% reckon otherwise.
Long position opened
FX market participants have put their take profit orders at the key resistance points of intraday trading. Some of the investors might close their deals at 108.37 and 108.80. The highest level is at 109.14.
Short position opened
Largest investors might have placed their take profit orders at the key support levels. These levels for intraday trading are situated at 107.60, 107.26 and 106.83.
© Dukascopy Bank