EUR/JPY starts week lower, bears might aim at 96.21

The common European currency slumped against the Japanese Yen at the beginning of this week, though the bearish mood slightly eased as investors await the Fed meeting on Tuesday. If bullish mood intensifies, 97.87 (61.80% Fibo) is going to be an initial resistance level among investors. 98.88 (R2 Weekly) and 99.47 (100-day SMA) are going to be next once an initial level is pierced.

71% of investors favor a bullish scenario for EUR/JPY, expecting the Euro to edge higher against the Japanese yen and 29% of market participants anticipate a continue of the bearish trend. Pending order allocation shows that 57% of investors eye a rally in EUR/JPY over the middle term.