© Dukascopy Bank
"Everybody likes the yen because it's not the euro"
- FX Solutions (based on WSJ)
Industry outlook
EUR/JPY did not manage to challenge a strong resistance area at 102.55/60 and is now selling off. The initial support level is located at 99.00/98.90, though the dip might extend down to 97.05.
Traders' sentiment
The share of market participants who hold long positions has increased up to 65%. In the meantime, the portion of traders who stay short on the currency pair has diminished to 35%.
Long position opened
Largest brokers set a new long position target as a break of 101.18 is an encouraging bullish sign en route to 102.05. If the uptrend remains, the third target for intraday trading will be 102.65.
Short position opened
Key support for EUR/JPY intraday trading is situated at 99.71. In case S1 is penetrated, traders with short positions are likely put their T/P orders at 99.11 and 98.24.
© Dukascopy Bank