EUR/JPY retains bullish impetus

EUR/JPY edged higher today as the pro-bailout parties took the lead in the Greek vote. If bullish trend to continue further, 101.29 level (R1 Weekly) is going will be in crosshairs. A breach of this line would pave the way to 102.13 (Upper Bollinger band; R2 Weekly) and 103.74/53 (200-day ma; R1 Monthly) levels.

The vast majority (66%) of market participants who keep positions on EUR/JPY are bullish on the pair. Consequently, bears are in minority, constituting 34% of the market. Within 100 points from the present market price, 72% of investors expect EUR/JPY to fall with 28% of traders anticipating the opposite scenario.