© Dukascopy Bank SA
- Julian Jessop, London-based chief global economist at Capital Economics (based on Bloomberg)
Industry outlook
EUR/JPY has recovered from yesterday's low of 105.125, and is now trading around 105.51 within the 1-month downward channel. Thus, a slide to the recent low of 104.61 can be expected with a strong resistance at 105.00 psychological level.
Traders' sentiment
The traders' sentiment is strongly positive with 70.59% supporting the pair's uptrend and 29.41% expecting a further downward movement.
Long position opened
If pair breaches the first resistance at 106.29, we are likely to see a strong market support to the pair and an upward movement to 106.57.
Short position opened
Major brokers are likely to cap their short positions around 105.91 Pivot Point with targets at 105.25 and 104.97.
© Dukascopy Bank SA