© Dukascopy Bank
"We expect no change in the policy rate and no announcement of further easing measures from the ECB"
- Brown Brothers Harriman (based on CNBC)
Industry outlook
As long as EUR/JPY remains above a key support located at 100.09 (20 day ma), the outlook will be bullish. At the moment the pair is struggling at a resistance line at 102.55/60, a break of which would provide with a possibility of a rally up to 107.78.
Traders' sentiment
The share of long trades on EUR/JPY has increased up to 68%, leaving 32% of all the positions held short, implying bullish traders' sentiment.
Long position opened
Bullish investors should pay attention to the key resistance levels for intraday trading. R1 is situated at 102.51, followed by R2 and R3 at 102.87 and 103.30, respectively.
Short position opened
Major FX traders expect the price to test the initial support level at 101.72. The breakout of this line will pave the way for the price to test S2 at 101.29 and S3 at 100.93.
© Dukascopy Bank