© Dukascopy Bank
"The BOJ's decision may look disappointing to some market participants. That's leading to some buying back of the yen as the market was leaning toward shorting the Japanese currency"
- JPMorgan Chase & Co. (based on Bloomberg)
Industry outlook
An uptrend line at 106.89 should contain short-term dips, while the overall outlook for EUR/JPY is positive. After overcoming 108.75 the currency pair is anticipated to target 109.32/58 (55 week ma) next.
Traders' sentiment
The share of buy orders has increased up to 81% of the total amount of orders on EUR/JPY. Accordingly, those who have placed sell orders are in distinct minority, constituting only 19% of the overall number.
Long position opened
While trading this pair, investors should pay attention to the immediate resistance level at 108.87. If the pair manages to go through this level, further resistances are situated at 109.21 and 109.71.
Short position opened
Key support for EUR/JPY intraday trading is situated at 108.03. In case S1 is penetrated, traders with short positions are likely put their T/P orders at 107.53 and 107.19.
© Dukascopy Bank