© Dukascopy
|
- BT Investment Management Ltd. (based on Bloomberg)
Industry outlook
EUR/JPY is anticipated to rebound from 55 day may situated at 106.42/76. Afterwards resistances will be in focus, namely 108.13, 109.25 and 112.05/33. Dips, on the other hand, will be limited by supports at 106.40 and 104.76.
Traders' sentiment
The share of bullish traders has increased in EUR/JPY market up to 45.81%, while bears constitute 54.19% of all liquidity consumers, even though the Japanese yen is the least attractive currency among its counterparts.
Long position opened
Investors are advised to pay close attention to the identified resistance levels for the pair at 108.34, 108.81 and 109.84.
Short position opened
A part of the brokers will close their short positions near initial support level at 107.31. In case of downtrend continuation, the pair might rebound from the S2 at 106.74 or S3 at 105.71.