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"There are still concerns about Europe's situation. I'm bearish the most on the euro among the major currencies"
- Kengo Suzuki, a foreign-exchange strategist at Mizuho Securities Co. (based on Bloomberg)
Industry outlook
Being that the currency couple is underpinned by a tough support located at 107.01, the long-term outlook is positive. After gaining a foothold above 108.75 it is expected to advance towards 109.51/58 (55 week ma).
Traders' sentiment
Traders' sentiment is mixed on EUR/JPY. 52% of market participants are currently holding bullish trades and 48% of them are staying short on the pair.
Long position opened
The initial resistance level for intraday trading is 109.03. Bulls might establish additional targets at 109.61 and 110.48 if the euro appreciates even more.
Short position opened
The immediate support line is at 107.58. Should the price step even lower, it will encounter subsequent levels at 106.71 and 106.13, where recovery might start.
© Dukascopy Bank