© Dukascopy Bank
"The market focus is shifting and so there is downside risk for the euro"
- Bank of America Corp. (based on Bloomberg)
Industry outlook
Being that the currency pair has dropped down to 108.03, it is now expected to reach 107.73 in the short run. Additional support is provided by 105.93/65, while resistances may be found at 109.51 and 109.95.
Traders' sentiment
Traders' sentiment on EUR/JPY is presently mixed, being that the share of bulls and bears in the market is nearly the same - 51 and 49 per cent, respectively.
Long position opened
Initial resistance area for the pair is situated at 109.39. Subsequent goals for the bullish market payers may be found at 110.44 and 111.19.
Short position opened
Bearish traders will pay attention to the key support levels in order to close their deals. The primary forecast target is 107.59. If the pair erodes this level, then it might rebound from S2 of 106.84 or S3 of 105.79.
© Dukascopy Bank