EUR/JPY targets 103.173

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Draghi has made it evident that OMTs are ready to be used once governments — looking at you, Spain — ask for help."
-Daily FX (based on Market Watch)  

Pair's Outlook
Pair continues to move towards 103.173-103.470 where it should form a second peak for a prospective Double Top pattern. It should be done fairly easily as resistance levels along the way are rather week and currently tested 102.710 is expected to be breached by the end of the day.

Traders' Sentiment
Traders are not renouncing bearish sentiment on the pair as 56% of all positions on the pair are short.  However, 59% of all pending orders on the pair are to buy suggesting a possible major shift in market sentiment in near future.

© Dukascopy Bank SA
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Fri, 05 Oct 2012 14:51:47 GMT

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