© Dukascopy Bank
"Sentiment is very bearish, The euro is under a lot of pressure right now"
- Thomson Reuters (based on CNBC)
Industry outlook
The currency pair has just pushed through 104.62 and may carry on trading lower until it reaches 102.54. Subsequent level is located at 100.12/00. From above EUR/JPY is likely to be contained by 105.00, 105.36 and 106.33.
Traders' sentiment
The share of bullish traders on EUR/JPY has increased up to 64%, leaving 36% of the market for bears, since the single European currency is the most popular among its counterparts.
Long position opened
The initial resistance level for the pair is 105.23. If the price continues increasing, the investors will hold longs until the pair climbs up to 105.99 or 106.41.
Short position opened
Bearish traders will pay attention to the key support levels in order to close their deals. The primary forecast target is 104.05. If the pair erodes this level, then it might rebound from S2 of 103.63 or S3 of 102.87.
© Dukascopy Bank