© Dukascopy Bank
"S&P's negative credit watch continues to hang over the euro zone bond market and negotiations on the Greek PSI are far from reaching a positive conclusion"
- BNP Paribas (based on CNBC)
пЃ® Industry outlook
While being capped by resistances at 102.49, 103.53 and 104.76 EUR/JPY is heading toward 100.77. In case the latter level does not hold the bearish pressure, current dip might extend down to 100.00. The initial support, however, is presently at 101.10.
пЃ® Traders' sentiment
A vast majority of traders keep on holding long positions in EUR/JPY market, making it overbought to a large extent. 87.66% of market participants stay bullish, whereas only 12.34% of them stay bearish on the pair.
пЃ® Long position opened
The initial resistance level for the pair is 101.60. If the price continues increasing, the investors will hold longs until the pair climbs up to 101.89 or 12.17.
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 101.03. If the price continues the downtrend, the dealers might wait for the common currency to depreciate down to 100.75 or 100.46.
© Dukascopy Bank