© Dukascopy Bank
"The euro may drop to as low as 93 yen during 2012"
- Mizuho Corporate Bank (based on CNBC)
Industry outlook
EUR/JPY has reached 11 year low and is likely to continue hovering below resistances at 100.77 and 100.15. The initial goal for the currency couple is at 94.92, although the pair will have to overcome supports at 97.90 and 95.90/40 first.
Traders' sentiment
Since the Japanese Yen is the least popular currency in the market at the moment, the overwhelming majority of market participants (79.04%) stays long on EUR/JPY, whereas a distinct minority (20.96%) remains short on the pair.
Long position opened
While trading this pair, investors should pay attention to the immediate resistance level at 99.15. If the pair manages to go through this level, further resistances are situated at 99.69 and 100.03.
Short position opened
Key support for EUR/JPY intraday trading is situated at 98.27. In case S1 is penetrated, traders with short positions are likely put their T/P orders at 97.93 and 97.39.
© Dukascopy Bank