© Dukascopy Bank
"There's still a lot of pressure on the euro. This is driving many to safer assets and currencies, like the Japanese yen"
- Danske Bank (based on Reuters)
пЃ® Industry outlook
While being capped by resistances located at 100.77 and a key one at 102.55, the focus remains on the downside. The short-term target lies at 94.92. However, in the longer term EUR/JPY might dip down further, to 88.97.
пЃ® Traders' sentiment
The portion of long trades has slightly diminished on EUR/JPY pair since yesterday. Nonetheless, the bias of traders is strongly bullish, as the ratio between longs and shorts is currently 73.57% to 26.43%.
пЃ® Long position opened
The initial resistance level for the pair is 99.79. If the price continues increasing, the investors will hold longs until the pair climbs up to 100.14 or 100.35.
пЃ® Short position opened
Major market participants with short positions will hold their deals until the price slides down to the initial support level at 99.23. If the price continues the downtrend, the dealers might wait for the Euro to depreciate down to 99.02 or 98.67.
© Dukascopy Bank