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- SEB (based on MarketWatch)
Pair's Outlook
The common European currency continues moving South amid uncertainty over the Eurozone prospects and its ability to address the debt turmoil. In case of a bullish reversal, 101.64 (55-day SMA) is likely to become an initial resistance line; once breached, a path towards 102.15 (R1 Weekly; Upper Bollinger band) and 104.55/65 (100-day SMA; R3 Weekly) will be open.
Traders' Sentiment
At the moment, the traders' sentiment on EUR/JPY remains bullish as 64% of investors hold long positions while 36% of traders are short on the currency pair. Within 100 points from the market price, 73% of market participants expect the Euro to deteriorate against the Japanese Yen.
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