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"We've said we won't hesitate to intervene. We won't be shy at all about unilateral intervention"
- Jun Azumi, Japanese Finance Minister (based on Bloomberg)
Industry outlook
Anticipated close above a resistance line at 102.55/60 suggests EUR/JPY is likely to maintain its northward course. The initial goal lies at 104.30, while 107.72 (200 day ma) may be reached as well. Supports are at 102.21 and 101.10.
Traders' sentiment
Traders' sentiment on EUR/JPY has been significantly altered since the last report. Long positions now constitute 55% of the market, while short ones form 45% of it.
Long position opened
Major market participants are likely to close their long positions at the key resistance levels. The primary short-term target will be reached at 103.68. The breakout of this level will pave a way for a bullish run up to 104.20 and then to 105.12.
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 102.24, 101.32 and 100.80.
© Dukascopy Bank