© Dukascopy Bank
"Just sealing the deal is long way off from saying the whole European debt crisis is nearing an end"
- Bank of Tokyo-Mitsubishi UFJ (based on WSJ)
Industry outlook
The immediate resistance line is at 105.72, being the first of many levels ahead. An initial attempt to penetrate this zone is unlikely to be successful. However, provided that 101.83 halts dips, the outlook will remain bullish.
Traders' sentiment
Traders' sentiment on EUR/JPY currency pair is presently mixed, since the amounts of bullish and bearish trades are nearly the same, being 49% and 51% of the market, respectively.
Long position opened
The price might rebound from the first resistance level at 105.90, so major dealers are planning to close some of their long positions near this level. Subsequent goals for bulls are 106.37 and 106.99.
Short position opened
Bearish traders will pay attention to the key support levels in order to close their deals. The primary forecast target is 104.81. If the pair erodes this level, then it might rebound from S2 of 104.19 or S3 of 103.72.
© Dukascopy Bank