© Dukascopy Bank
"Any suggestion the deadline [of Greek deal] might be extended would probably send shivers down the spine of any 'risk-on' traders and EUR would like suffer badly"
- BNP Paribas (based on CNBC)
Industry outlook
Support at 105.85 has repelled off EUR/JPY, which is now advancing toward 108.00. In case the latter level is penetrated, the pair may reach 108.75 (55 week ma) next. Subsequent resistances are located at 109.38/58 and 110.26.
Traders' sentiment
Most of the market participants (60%) are planning to by the Euro against the Japanese Yen, as they expect the single currency to gain in value.
Long position opened
The initial resistance level for the pair is 107.03. If the price continues increasing, the investors will hold longs until the pair climbs up to 107.46 or 108.12.
Short position opened
Bearish traders will pay attention to the key support levels in order to close their deals. The primary forecast target is 105.94. If the pair erodes this level, then it might rebound from S2 of 105.28 or S3 of 104.85.
© Dukascopy Bank