© Dukascopy Bank
"We know economic data from Greece, Portugal, Spain and so on is probably going to be poor this year. The key question is the extent to which contagion can be contained"
- Rabobank (based on WSJ)Industry outlook
After climbing as high as 109.51/58 (55 week ma) EUR/JPY has stalled. Nonetheless, the bullish bias persists and is expected to fade only between 110.18 and 111.57. Supports may be found at 107.05, 106.78 and at 106.02.
Traders' sentiment
Traders' sentiment in neutral on EUR/JPY, since the gap between the portions of bulls and bears is rather narrow. 47% of traders hold longs and 53% of them hold shorts.
Long position opened
Largest brokers set a new long position target as a break of 109.57 is an encouraging bullish sign en route to 111.14. If the uptrend remains, the third target for intraday trading will be 112.33.
Short position opened
Major FX traders expect the price to test the initial support level at 106.81. The breakout of this line will pave the way for the price to test S2 at 105.62 and S3 at 104.05.
© Dukascopy Bank