© Dukascopy Bank
"After the Greek vote and the weaker [Japanese] GDP, there was some selling of the yen"
- Forecast Pte (based on Bloomberg)
Industry outlook
After penetrating resistance at 102.55/60 EUR/JPY is headed toward 104.30. In the longer term we may observe advancement up to 107.65 (200 day ma). In the meantime, dips should not be able to extend below 100.55/35 (20 day ma).
Traders' sentiment
The difference between the amounts of bullish and bearish trades has widened since the last report. At the moment 57% of trades are long and 43% of them are short.
Long position opened
Largest brokers set a new long position target as a break of 103.08 is an encouraging bullish sign en route to 103.68. If the uptrend remains, the third target for intraday trading will be 104.15.
Short position opened
The immediate support line is at 102.01. Should the price step even lower, it will encounter subsequent levels at 101.54 and 100.94, where recovery might start.
© Dukascopy Bank