© Dukascopy Bank
"The bailout funds, even with IMF involvement, are unlikely to be enough. Only the ECB has sufficient firepower to stabilise euro zone bond markets"
- AMP Capital (based on CNBC)
пЃ® Industry outlook
The currency pair is unlikely to overcome 106.00 resistance line in the nearest future, on the contrary it has a better chance declining after being unable to breach 104.92 level. The initial support is at 102.99, followed by 102.70/48 and 102.44.
пЃ® Traders' sentiment
EUR/JPY market is dominated by bullish traders, who currently constitute 71.93% of all market participants. At the same time only 28.07% of traders support the Japanese Yen and expect it to appreciate.
пЃ® Long position opened
Investors are suggested to pay close attention to the identified resistance levels for the pair at 104.48, 105.07 and 105.74.
пЃ® Short position opened
A part of the brokers will close their short positions near initial support level at 103.22. In case of downtrend continuation, the pair might rebound from the S2 at 102.55 or S3 at 101.96.
© Dukascopy Bank