EUR/JPY to remain bearish, 95.60 might be hit next

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Risk aversion is creeping back into the market. There is disappointment that the BoJ left policy unchanged and the Fed gave no clear signal that further quantitative easing  was likely to be forthcoming in August."
- BTMU (based on CNBC)

Pair's Outlook

The 17-nation currency moved south versus Japan's yen as currently the pair and at the moment it maintains bearish inertia. As an initial resistance at 97.22 (S1 Monthly; Lower Bollinger band) has been left behind, the next  96.32 (Upper support line; S1 Weekly) and 95.60 (June 1 Low) might be tested next by bearish traders.

Traders' Sentiment
Traders' sentiment is bullish on the EUR/JPY currency pair, as the share of long positions outweigh the short ones at the present  (73%/27%). Within 100 points from the latest market price, 76% of investors expect EUR/JPY to fall over the middle term, whereas 24% of traders anticipate a continuation of the rally.
© Dukascopy Bank SA
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Thu, 12 Jul 2012 15:32:56 GMT

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