© Dukascopy Bank SA
- Kazumasa Iwata, former deputy governor of Bank of Japan (based on Reuters)
Pair's Outlook
EUR/JPY is continuing to trade in tight range and is likely to be kept below 99 mark as quite a few significant resistance levels are around 98.6. It is much more likely that pair will rebound and test markets reaction while depreciating as the closes major support level is quite a bit below 98.
Traders' Sentiment
Traders sentiment remains bullish after the weekend while 53% of traders are holding long positions on the pair. Amount of pending buy orders remains above 70% for fifth consecutive day suggesting that we might see a rally once a pair breaches a key level.
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