Bearish mood on EUR/JPY to hold

The single European currency mildly fell today versus the Japanese yen as the EU member states are discussing a common solution to address the debt crisis in the region. Bearish investors should be aware of the initial support level at 97.01 (January 2011 low), while a breakout of this level would pave the way to next targets at 96.50 (Lower Bollinger band; S3 Monthly) and 92.91 (S2 Weekly).

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.