© Dukascopy Bank
"[There is] no way Europe is ever going to hold it together"
- Emergent Asset Management (based on CNBC)
пЃ® Industry outlook
Current upward movement is considered to be temporary and is expected to fade away soon. Resistances at 104.88 and 106.00 should be able to negate this weak bullish impetus and send EUR/JPY down to 102.44 and 100.77.
пЃ® Traders' sentiment
The gap between the percentage of bullish traders and bearish market participants has widened since Tuesday morning. Currently EUR/JPY market consists of longs by 64.82% and of shorts by 35.18%.
пЃ® Long position opened
While trading this pair, investors should pay attention to the immediate resistance level at 104.44. If the pair manages to go through this level, further resistances are situated at 104.74 and 105.14.
пЃ® Short position opened
Major dealers are planning to partially close their short positions if the pair touches upon the first support level at 103.74. However, if the bearish impetus proves to be strong enough, some of the positions could be squared off at S2 of 103.34 and at S3 of 103.04.
© Dukascopy Bank