EUR/JPY attempts to keep bullish bias - Technical Analysis - Dukascopy Bank

Tue, 19 Jun 2012 16:09:33 GMT
Source: Dukascopy Bank SA
 
© Dukascopy Bank SA
"The euro is still a sell on rallies."
- Saxo Bank (based on Reuters)

Pair's Outlook
EUR/JPY fell today as the Greek post-election optimism faded, bringing problems of Spain back to the spotlight. If bullish trend keeps maintained, 101.29 level (R1 Weekly) is going to be the first target. A breach of this line would pave the way to 102.13 (Upper Bollinger band; R2 Weekly) and 103.74/53 (200-day ma; R1 Monthly) levels.

Traders' Sentiment
Bulls constitute 54% of the total amount of positions opened on EUR/JPY, whereas bears form a smaller part of the market, namely 46%. Within 100-pip range from the present market price, 62% of investors expect the pair to advance further.
© Dukascopy Bank SA

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