EUR/JPY to remain under negative pressure

The Euro dived against the Japanese yen today, reaching an all-time low as concerns over Spain and Greece intensify. Therefore, bearish traders should closely watch the initial support level at 97.01 (January 2011 low), while a breach here would pave the way to 96.50 (Lower Bollinger band; S3 Monthly) and 96.11 (S2 Weekly).

Traders' sentiment is bearish on EUR/JPY. 61% of market participants are currently holding short positions and 39% of them are staying long on the currency pair. Within 100-pip range, the bearish sentiment eases as only 53%  of investors are anticipating the pair to deteriorate further.