© Dukascopy Bank
"If the euro is going to be salvaged the market needs an injection of faith over the next few weeks. The Italian and Spanish auctions are key"
- Bank of New York Mellon (based on Reuters)
пЃ® Industry outlook
A close below 100.00 implies extension of the current dip, which may last up until 98.40 is contacted. However, this support is anticipated to hold the downward pressure and send the currency pair back up.
пЃ® Traders' sentiment
The difference between the share of long and short positions in EUR/JPY market has slightly narrowed, although the overall sentiment has not been impacted, as the current ratio is 81.99% to 18.01%, respectively.
пЃ® Long position opened
Initial resistance area for the pair is situated at 100.28. Subsequent goals for the bullish market payers may be found at 101.10 and 101.51.
пЃ® Short position opened
Major dealers are planning to partially close their short positions if the pair touches upon the first support level at 99.05. However, if the bearish impetus proves to be strong enough, some of the positions could be squared off at S2 of 98.64 and at S3 of 97.82.
© Dukascopy Bank