© Dukascopy Bank
- Central Tanshi (based on Reuters)
пЃ® Industry outlook
EUR/JPY currency pair is capped by strong resistances situated at 102.30/49, 104.71 and 105.32, therefore the bias is rather bearish. The price is presently heading toward 100.77, then it should reach 99.92.
пЃ® Traders' sentiment
A large part of FX market participants have closed their positions during the last 24 hours, as the share of long trades has plummeted down to 57.08%, while the portion of shorts surged up to 42.92%.
пЃ® Long position opened
The break of the short-term resistance line 102.44 would pave the way for the pair to rise up to 1103.03. The clearance of the second daily resistance level would establish a new target for traders at 103.53.
пЃ® Short position opened
Major dealers are planning to partially close their short positions if the pair touches upon the first support level at 101.35. However, if the bearish impetus proves to be strong enough, some of the positions could be squared off at S2 of 100.85 and at S3 of 100.26.
© Dukascopy Bank