© Dukascopy Bank
"It looks like Eurozone credibility is once again on the rocks"
- Swissquote Bank SA (based on Bloomberg)
пЃ® Industry outlook
EUR/JPY currency pair is currently headed towards a level of 100.77, while 100.00 is likely to be next target, since support at 102.49 has been breached. Resistances are located at 103.77, 104.86 and 105.72.
пЃ® Traders' sentiment
Bullish market participants are in minority in EUR/JPY market, even though Euro is the most popular currency among its major counterparts at the moment. Bulls constitute 43.99%, while bears are 56.01% of the market.
пЃ® Long position opened
The break of the short-term resistance line 102.61 would pave the way for the pair to rise up to 103.55. The clearance of the second daily resistance level would establish a new target for traders at 104.13.
пЃ® Short position opened
In case of dips, another rally may start after rebounding from the initial support level at 101.09. However, assuming that the bearish momentum does not weaken, investors will pay attention to the lower support levels at 100.51 and 99.57.
© Dukascopy Bank