© Dukascopy
"There is no fundamental change in the markets' risk averse mood. There's been no clear progress in the euro zone"
- Credit Suisse (based on Reuters)
Industry outlook
The pair's bias remains more or less neutral as it is being traded in a tight corridor between a support at 103.40 and a resistance located at 106.45. The latter level is anticipated to provoke failure in case of advancement and send the pair down to 100.74.
Traders' sentiment
Since the Euro keeps the first place among its major counterparts in popularity, the share of long trades in EUR/JPY market - 56.18% exceeds shorts, which currently constitute minor part of the positions - 43.82%.
Long position opened
The price might rebound from the first resistance level at 104.22, so major dealers are planning to close some of their long positions near this level. Subsequent goals for bulls are 104.71 and 105.70.
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 103.23, 102.73 and 101.74.
© Dukascopy