EUR/JPY is trading in a flat trend - Technical Analysis - Dukascopy Bank

Wed, 20 Jun 2012 16:18:03 GMT
Source: Dukascopy Bank SA
 
© Dukascopy Bank SA
"Major turmoil has been avoided following the outcome of the Greek election last weekend ... but there is no change in the fact that Greece faces severe conditions."
- Masaaki Shirakawa, Bank of Japan Governor (based on CNBC)

Pair's Outlook
EUR/JPY traded in a flat trend today ahead of the FOMC meeting, which will indicate whether the Fed is going to launch a new round of the Quantitative Easing. If bullish trend continues, 101.29 level (R1 Weekly) is likely to be the initial resistance line. A breach of this level would pave the way to 102.13 (Upper Bollinger band; R2 Weekly) and 103.74/53 (200-day ma; R1 Monthly) levels.

Traders' Sentiment
The traders' sentiment remains slightly bullish as 56% of investors hold long positions whereas 46% of positions are short. Within the 100-pip range from the current market price, 62% of market participants expect the pair to continue moving upwards.
© Dukascopy Bank SA

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