EUR/JPY is neutral in the short-term - Technical Analysis - Dukascopy Bank

Mon, 28 Nov 2011 11:40:15 GMT
Source: Dukascopy
 
© Dukascopy
"[Our] central scenario remains that the euro area will be preserved without further widespread defaults"
- Moody's Investors Service (based on Bloomberg)

Industry outlook
Penetration of a support at 103.80 implies a possible slide down to 100.77, where the currency couple is likely to consolidate. While recovery is limited by resistances at 104.75 and 105.00, dips should be halted by 100.77/00.

Traders' sentiment
EUR/JPY market is extremely oversaturated with long trades, as 74.51% of all the positions held here are long, since the Euro is the most attractive currency at the moment among its major counterparts. Presently only 25.49% of traders stay bearish on the pair.

Long position opened
While trading this pair, investors should pay attention to the immediate resistance level at 103.24. If the pair manages to go through this level, further resistances are situated at 103.62 and 104.00.

Short position opened
A part of the brokers will close their short positions near initial support level at 102.48. In case of downtrend continuation, the pair might rebound from the S2 at 102.10 or S3 at 101.72.
© Dukascopy

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