EUR/JPY attempts to retake the 136 area

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The foreseeable insolvency of Greece is deeply regrettable. Greece now needs to immediately introduce a new electronic currency as legal tender and must stop all euro payment orders to other countries abroad and impose capital controls." 
- Ifo Institute for Economic Research (based on WBP Online)

Pair's Outlook 
Last Friday, the EUR/JPY cross suffered a small loss, but settled above the immediate support, despite reaching the second one. Today the given pair opened significantly lower, amid Greek debt crisis, thus breaking out of the ascending channel. Nevertheless, the Euro is seen regaining value with little signs of weakness. The immediate resistance, namely the monthly PP, is unlikely to prevent the rally, whereas a strong cluster around 136.30 has more chances of success. Meanwhile, technical indicators retain their mixed signals, unable to confirm the scenario. 

Traders' Sentiment 
Bearish market sentiment returned to its Thursday's level of 47%, whereas the share of purchase orders edged down from 56 to 33%.
© Dukascopy Bank SA
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