EUR/JPY is set to fall further; bears are approaching 98.10

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"We've got to look at existing instruments and both the EFSF and the ESM, once it is active, have the capacity to buy bonds in the primary market," one EU official said as EU leaders gathered for their 20th summit since the debt crisis struck."
- EU Officials at the EU summit in Brussels (based on Reuters)

Pair's Outlook

EUR/JPY is trading with bearish mood as the EU summit has not delivered any concrete plans to address the debt turmoil. If an upbeat trend emerges, then 101.58 (55-day SMA) is likely to be the first target to be tested by bullish investors. If this level is successful pierced, a path towards 102.15 (R1 Weekly; Upper Bollinger band) and 104.55/65 (100-day SMA; R3 Weekly) will be cleared.

Traders' Sentiment
The market sentiment on EUR/JPY is still bullish as the majority of market participants (63%) holds long positions. At the same time, allocation of orders by currency traders indicates that 70% of traders expect the pair to decline further in the middle term.
© Dukascopy Bank SA
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Thu, 28 Jun 2012 15:32:41 GMT

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Thu, 28 Jun 2012 07:10:37 GMT

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