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"It doesn't feel like there's much appetite to take the euro higher, just that we've just curtailed some of the trauma on the downside"
- HSBC (based on CNBC)
Industry outlook
Tough resistances located at 104.62 and 105.34 should contain the pair from above, implying an increasing possibility of additional losses for EUR/JPY. Once a support at 102.55 is breached, 102.21 and 100.77 will be targeted next.
Traders' sentiment
The portion of bulls on EUR/JPY has soared up to 74% from 61% at the time of the previous report, while bears currently constitute only 26% of the market.
Long position opened
Bullish investors should pay attention to the key resistance levels for intraday trading. R1 is situated at 103.80, followed by R2 and R3 at 104.23 and 104.68, respectively.
Short position opened
Bearish market players will pay attention to a near-term support at 102.92. The downtrend continuation will establish following targets for traders: S2 at 102.47 and S3 at 102.04.
© Dukascopy Bank