© Dukascopy Bank
"The worst case scenario of a disorderly [Greek] default has been cast aside, and this is a relief for the market But the long-term solvency question remains"
- Natixis (based on Bloomberg)
Industry outlook
Despite a recent failure of EUR/JPY near 108.75, formidable support at 106.37 should manage to contain dips. Afterwards we are likely to observe a recovery of the pair from the latter level. Rally should be able to extend beyond 108.75, up to 109.32/58 (55 week ma).
Traders' sentiment
Distinct majority of traders expect the Euro to appreciate relative to the Japanese Yen, as 74% of orders placed on EUR/JPY are buy orders.
Long position opened
Initial resistance area for the pair is situated at 108.66. Subsequent goals for the bullish market payers may be found at 109.13 and 109.61.
Short position opened
Key support for EUR/JPY intraday trading is situated at 107.71. In case S1 is penetrated, traders with short positions are likely put their T/P orders at 107.23 and 106.76.
© Dukascopy Bank