© Dukascopy Bank
"We [Japan] won't have a recession. However, growth is likely to be very slow"
- Sumitomo Mitsui Asset Management (based on CNBC)
пЃ® Industry outlook
Resistances situated at 104.89, 106.00 and 106.80 keep the pair from advancing further. Therefore bullish impetus of EUR/JPY weakens with each day, allowing for a dip down to 102.44 or even 100.77.
пЃ® Traders' sentiment
The share of bullish traders in EUR/JPY market has considerably dropped during the last 24 hours, down to 55.66%. While at the same time bearish FX market participants increased their presence - up to 44.34%.
пЃ® Long position opened
Investors should pay close attention to the identified with the help of pivot point method resistance levels for the pair at 104.54, 104.90 and 105.29.
пЃ® Short position opened
In case of dips, another rally may start after rebounding from the initial support level at 103.79. However, assuming that the bearish momentum does not weaken, investors will pay attention to the lower support levels at 103.40 and 103.04.
© Dukascopy Bank