EUR/JPY is trading in a flat trend

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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Actual Topics

Wed, 20 Jun 2012 16:18:16 GMT

AUD/USD is aiming at 1.0283

AUD edges higher against the greenback as the major market players expect the FOMC to announce new economic stimulus measures for the US economy. Thus, if AUD/USD to keep bullish impetus, 1.0212 (R1 Weekly; Upper Bollinger band) is going to be the first target for bulls, followed by 1.0283/312 (200-day ma; R2 Weekly) and 1.0493 (R3 Weekly) in case the pair moves higher.

Wed, 20 Jun 2012 08:32:19 GMT

USD/CHF to lose some ground

Support at 0.9508/0.9497 was unable to withstand bearish pressure, allowing the currency pair to fall precipitously. Most of daily indicators suggest further bearish development, while aggregate monthly bias is a buy signal. Therefore USD/CHF is anticipated to step lower to 0.9387/67 or even 0.9280/54 prior to a long-term recovery.

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