© Dukascopy Bank
"The markets are in risk-off mode, the euro looks vulnerable and bond yields in the periphery are rising"
- FOREX.com (based on Reuters)
Industry outlook
Being that support at 105.93/65 did not manage to withstand bearish pressure, EUR/JPY may fall as low as 103.50 within the next three weeks. Resistances, on the other hand, are situated at 106.79 and 107.62.
Traders' sentiment
At the moment the Euro is the most popular currency among its major counterparts. Accordingly, most of traders (63%) with opened positions on EUR/JPY stay bullish.
Long position opened
The price might rebound from the first resistance level at 106.84, so major dealers are planning to close some of their long positions near this level. Subsequent goals for bulls are 108.15 and 108.84.
Short position opened
Bearish market players will pay attention to a near-term support at 104.84. The downtrend continuation will establish following targets for traders: S2 at 104.15 and S3 at 102.84.
© Dukascopy Bank