© Dukascopy Bank
"Japan's economy is still reliant on exports, so the yen's appreciation has direct impact over employment, too"
- Institute for International Monetary Affairs (based on Bloomberg)
пЃ® Industry outlook
Even though the current bias for EUR/JPY is rather bearish, a close above 102.48 could invoke a bullish movement that may extend up to 104.00/95, while a tough support area situated at 100.74/00 should prevent the pair from going lower.
пЃ® Traders' sentiment
The overwhelming majority of market participants (85.34%) keep on staying long on EUR/JPY pair, since the Japanese Yen is the least popular currency right now. On the other hand, 14.66% of liquidity consumers believe the Euro will depreciate.
пЃ® Long position opened
Initial resistance area for the pair is situated at 102.13. Subsequent goals for the bullish market payers may be found at 102.40 and 102.61.
пЃ® Short position opened
Major dealers are planning to partially close their short positions if the pair touches upon the first support level at 101.65. However, if the bearish impetus proves to be strong enough, some of the positions could be squared off at S2 of 101.44 and at S3 of 101.17.
© Dukascopy Bank