© Dukascopy Bank
"If you want to have one currency trade that you put on and close your eyes, shorting the yen is the one to do it"
- Harbor Capital (based on CNBC)
Industry outlook
At the moment EUR/JPY is capped by a resistance zone at 102.55/60 and is unlikely to breach this level in the short-term. The initial support is at 101.00/100.75, followed by lines at 98.90 and 97.04.
Traders' sentiment
The share of long positions has increased up to 58% since the last report. In the meantime, the portion of short trades has fallen down to 42%.
Long position opened
Largest brokers set a new long position target as a break of 102.01 is an encouraging bullish sign en route to 102.50. If the uptrend remains, the third target for intraday trading will be 102.80.
Short position opened
A part of the brokers will close their short positions near initial support level at 101.22. In case of downtrend continuation, the pair might rebound from the S2 at 100.92 or S3 at 100.43.
© Dukascopy Bank