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"The pressure [on the euro] is building, even if it is visible only in the bond market"
- BT Investment Management Ltd. (based on Reuters)
Industry outlook
EUR/JPY is currently being supported by 55 day ma, which lies at 107.01/106.47. The price is likely to rebound from it and reach 108.13/109.25 in the near-term. Subsequent resistance level may be encountered at 112.05/33.
Traders' sentiment
Investors are currently more confident in the euro than they were yesterday, as the portion of bulls has surged up to 53%. At the same time bears constitute 47% of all traders in EUR/JPY market.
Long position opened
While trading this pair, investors should pay attention to the immediate resistance level at 108.08. If the pair manages to go through this level, further resistances are situated at 108.74 and 110.02.
Short position opened
Bearish market players will pay attention to a near-term support at 106.80. The downtrend continuation will establish following targets for traders: S2 at 106.18 and S3 at 104.90.