© Dukascopy Bank
"The upcoming year is shaping up as a do-or-die year for the euro"
- GFT Forex (based on Reuters)
пЃ® Industry outlook
The Euro is expected to keep on depreciating relative to the Japanese Yen. Even though the price managed to rebound from 101.00, it was unable to penetrate 102.50 and currently stays below 200 4H moving average.
пЃ® Traders' sentiment
The pair is overbought at the moment, since the swingeing majority (88.53%) of market participants keep on staying long on EUR/JPY, while merely 11.47% of traders hold short positions open.
пЃ® Long position opened
The price might rebound from the first resistance level at 101.90, so major dealers are planning to close some of their long positions near this level. Subsequent goals for bulls are 102.03 and 102.15.
пЃ® Short position opened
A part of the brokers will close their short positions near initial support level at 101.65. In case of downtrend continuation, the pair might rebound from the S2 at 101.53 or S3 at 101.40.
© Dukascopy Bank