EUR/JPY still below 99 yens - Technical Analysis - Dukascopy Bank

Mon, 03 Sep 2012 14:47:58 GMT
Source: Dukascopy Bank SA
 
© Dukascopy Bank SA
"Risks to Japan's economy are heightening, so further monetary easing is necessary."
- Kazumasa Iwata, former deputy governor of Bank of Japan (based on Reuters)

Pair's Outlook
EUR/JPY is continuing to trade in tight range and is likely to be kept below 99 mark as quite a few significant resistance levels are around 98.6. It is much more likely that pair will rebound and test markets reaction while depreciating as the closes major support level is quite a bit below 98.
 
Traders' Sentiment
Traders sentiment remains bullish after the weekend while 53% of traders are holding long positions on the pair. Amount of pending buy orders remains above 70% for fifth consecutive day suggesting that we might see a rally once a pair breaches a key level.

© Dukascopy Bank SA

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