© Dukascopy Bank
"While appreciating the risk, investors still hope that a solution will be put in place for the European debt crisis"
- Barclays Wealth (based on Bloomberg)
пЃ® Industry outlook
The Euro - Japanese Yen currency pair keeps its bearish momentum for now while trading below a key resistance situated at 102.79. The initial target lies at 100.77, while subsequent level is at 99.92.
пЃ® Traders' sentiment
The overwhelming majority of market participants (84.46%)keeps on holding long positions, since the Euro is the most popular currency at the moment, while traders with shorts form a much lesser part - 15.54%.
пЃ® Long position opened
The break of the short-term resistance line 101.62 would pave the way for the pair to rise up to 101.80. The clearance of the second daily resistance level would establish a new target for traders at 101.99.
пЃ® Short position opened
Major dealers are planning to partially close their short positions if the pair touches upon the first support level at 101.25. However, if the bearish impetus proves to be strong enough, some of the positions could be squared off at S2 of 101.06 and at S3 of 100.88.
© Dukascopy Bank