© Dukascopy Bank
"Risk appetite is fairly positive at the moment, and this could continue for a couple of weeks. Typical safe-haven currencies have taken a step back now"
- Rochford Capital (based on Bloomberg)
Industry outlook
A tough resistance area at 102.55/60 is unlikely to let EUR/JPY rally in the nearest future, pushing the pair down toward 99.00/98.90. A close below the latter level may prompt additional weakness which may last until 95.00 is reached.
Traders' sentiment
Since the Japanese Yen is presently the least popular currency in the market, the amount of long trades (60%) held on EUR/JPY exceeds the amount of short ones (40%).
Long position opened
The price might rebound from the first resistance level at 100.90, so major dealers are planning to close some of their long positions near this level. Subsequent goals for bulls are 101.52 and 102.35.
Short position opened
Largest investors might have placed their take profit orders at the key support levels. These levels for intraday trading are situated at 99.45, 98.62 and 98.00.
© Dukascopy Bank