EUR/JPY to overcome 104.93 - Technical Analysis - Dukascopy Bank

Fri, 02 Dec 2011 07:56:34 GMT
Source: Dukascopy
 
© Dukascopy
"Downside risks to the economic outlook have increased"
- Mario Draghi (based on Reuters)

пЃ® Industry outlook
For now EUR/JPY is advancing and is anticipated to effortlessly pierce though 104.93, 55 day ma. Should the price climb above 105.10, the currently rally may continue until 106.80/107.00 is reached. Dips should be limited by supports at 102.70/48 and 101.95.

пЃ® Traders' sentiment
In EUR/JPY market the European currency has lost a great deal of supporters as well. At the moment 49.65% of traders keep long positions, while slightly more than a half (50.35%) is holding short trades.

пЃ® Long position opened
The price might rebound from the first resistance level at 105.03, so major dealers are planning to close some of their long positions near this level. Subsequent goals for bulls are 105.47 and 105.89.

пЃ® Short position opened
Major market participants with short positions will hold their deals until the price slides down to the initial support level at 104.17. If the price continues the downtrend, the dealers might wait for the price to depreciate down to 103.75 or 103.31.
© Dukascopy

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