EUR/JPY is from neutral to negative - Technical Analysis - Dukascopy Bank

Thu, 01 Dec 2011 08:32:52 GMT
Source: Dukascopy
 
© Dukascopy
"To stabilize the sovereign-debt situation requires European Central Bank bond purchases that are far beyond what they've been willing to do so far"
- RDQ Economics LLC (based on Bloomberg)

пЃ® Industry outlook
Current rally which starter from the support level at 102.44 is considered to be temporary while the currency pair is capped by a strong resistance area located at 104.86/96. Dips should be though limited by support line at 100.77.

пЃ® Traders' sentiment
Traders' sentiment remains almost at the same level it was yesterday morning, being 64.21% bullish and 35.79% bearish, even though today the Japanese Yen is not the least attractive currency as it was a day before.

пЃ® Long position opened
While trading this pair, investors should pay attention to the immediate resistance level at 104.95. If the pair manages to go through this level, further resistances are situated at 105.54 and 106.35.

пЃ® Short position opened
Bearish traders will pay attention to the key support levels to close their deals. The forecast targets are 103.55, 102.74 and 102.15.
© Dukascopy

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