© Dukascopy Bank
"Europeans say it's going to be fine, but for outsiders, problems remain unclear and they are a bit tough to comprehend"
- HSBC (based on WSJ)
Industry outlook
EUR/JPY is already in the vicinity of 100.45/77 and is anticipated to carry on advancing. Although this rally is highly unlikely to be able to pierce a fairly strong resistance zone situated at 102.55/60.
Traders' sentiment
The share of bullish market participants on EUR/JPY keeps on expanding. It has already reached 67% of the market, leaving merely 33% for those who believe in the appreciation of the Japanese Yen.
Long position opened
While trading this pair, investors should pay attention to the immediate resistance level at 100.79. If EUR/JPY manages to go through this level, further resistances are situated at 101.33 and 102.17.
Short position opened
Bearish market players will pay attention to a near-term support at 99.41. The downtrend continuation will establish following targets for traders: S2 at 98.57 and S3 at 98.03.
© Dukascopy Bank