© Dukascopy Bank
"The bias is still going to be overall to fade rallies in the euro"
- RBC Capital Markets (based on CNBC)
Industry outlook
After bouncing off a formidable resistance at 102.55/60, EUR/JPY is likely to maintain its current southward course. On its way down the pair will encounter supports located at 99.00/98.90 and 98.80/75.
Traders' sentiment
The difference between the amounts of long and short trades on EUR/JPY has narrowed. Nonetheless, the majority (58%) is still formed by long positions, accordingly, short positions comprise smaller part - 42%.
Long position opened
While trading this pair, investors should pay attention to the immediate resistance level at 100.58. If the pair manages to go through this level, further resistances are situated at 101.40 and 101.93.
Short position opened
Bearish market players will pay attention to a near-term support at 99.23. The downtrend continuation will establish following targets for traders: S2 at 98.70 and S3 at 97.88.
© Dukascopy Bank