"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)
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.
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.