© Dukascopy Bank
"Until we have more clarity on how the coalition government [in Greece[ will be formed and what the new government will do with the bailout scheme, the euro will stay under pressure"
- Barclays (based on Reuters)
Industry outlook
While both weekly and daily biases are negative, risk of EUR/JPY falling down to 102.54 first, and then down to 100.12 increases. In the meantime the pair is capped by 104.62, ahead of which all the rallies should halt.
Traders' sentiment
Since the Euro is the most popular currency among its major counterparts, long positions constitute 66% of the EUR/JPY market, while short trades are in distinct minority, forming 34%.
Long position opened
Initial resistance area for the pair is situated at 104.37. Subsequent goals for the bullish market payers may be found at 104.85 and 105.28.
Short position opened
Key support for EUR/JPY intraday trading is situated at 103.46. In case S1 is penetrated, traders with short positions are likely put their T/P orders at 103.03 and 102.55.
© Dukascopy Bank