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"[BoJ] is likely to stand pat on monetary policy for the time being unless a sudden spike in the yen triggers a plunge in share prices"
- Mitsubishi UFG Morgan Stanley Securities (based on Reuters)
пЃ® Industry outlook
EUR/JPY is presently heading to the initial target located at 100.77. Further aim will be set at 100.00, after the aforementioned level is violated. Rallies should be kept by tough resistances at 102.49, 103.53 and 104.81.
пЃ® Traders' sentiment
The overwhelming majority (86.19%) of traders currently holds bullish trades in EUR/JPY market, as the single currency seems to be the most popular at the moment. Consequently, shorts are kept by a fraction of the market - 13.81%.
пЃ® Long position opened
While trading this pair, investors should pay attention to the immediate resistance level at 101.74. If the pair manages to go through this level, further resistances are situated at 102.14 and 102.47.
пЃ® Short position opened
Bearish market players will pay attention to a near-term support at 101.01. The downtrend continuation will establish following targets for traders: S2 at 100.68 and S3 at 100.28.
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