EUR/JPY is headed towards 100.77 - Technical Analysis - Dukascopy Bank

Fri, 25 Nov 2011 09:04:15 GMT
Source: Dukascopy
 
© Dukascopy
"Japan will not hesitate to respond to speculative currency moves to shield exporters from a strong yen"
- Jun Azumi, Japan Finance Minister (based on Reuters)

Industry outlook
EUR/JPY has come under 103.08 support which implies the increasing possibility of a pair declining down to 100.77 in the nearest future. Rallies should be capped by a rather strong resistance area located at 104.75/105.00.

Traders' sentiment
The number of long potions in EUR/JPY market continues to exceed the quantity of short ones, even though not by a large amount. 56.8% of market participants hold bullish trades, whereas 43.2% of them are bearish on the pair.

Long position opened
Investors should pay close attention to the identified resistance levels for the pair at 103.32, 103.76 and 104.51.

Short position opened
A part of the brokers will close their short positions near initial support level at 102.56. In case of downtrend continuation, the pair might rebound from the S2 at 102.25 or S3 at 101.50.
© Dukascopy

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