© Dukascopy
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Even though EUR/JPY did not manage to pierce through 105.00, the currency couple is perceived as a bullish one as long as it stays above 102.47. Additional support is provided by lines at 101.95 and 100.77.
Traders’ sentiment
Today the advantage in numbers of long positions over short ones has become clearer, as bullish traders now constitute 53.18% of the market, whereas bears occupy 46.82%of it, which is less than yesterday.
Long position opened
The price might rebound from the first resistance level at 104.96, so major dealers are planning to close some of their long positions near this level. Subsequent goals for bulls are 105.36 and 106.24.
Short position opened
Largest investors might have placed their take profit orders at the key support levels. These levels for intraday trading are situated at 104.09, 103.61 and 102.73.
“The euro’s downside is being protected by the expectations that the leaders of France and Germany have some sort of grand plan”
- Travelex Global Business Payment (based on Bloomberg)