© Dukascopy Bank
"Resolving the sovereign debt crisis is a process, and this process will take years"
- Angela Merkel (based on Reuters)
пЃ® Industry outlook
The bullish momentum of the pair is vanishing and is likely to fade completely as soon as the currency pair reaches a resistance at 106.00/80. The initial support is at 102.70/48, followed by subsequent levels at 102.44 and 101.95.
пЃ® Traders' sentiment
EUR/JPY currency pair has become even more bearish since Friday morning. At the moment it is composed by bullish traders for 45.82% and by bearish market participants for 54.18%, even though the Euro is the most popular currency now.
пЃ® Long position opened
While trading this pair, investors should pay attention to the immediate resistance level at 105.42. If the pair manages to go through this level, further resistances are situated at 106.34 and 107.00.
пЃ® Short position opened
Bearish market players will pay attention to a near-term support at 103.84. The downtrend continuation will establish following targets for traders: S2 at 103.18 and S3 at 102.26.
© Dukascopy Bank