© Dukascopy Bank
"By Greece avoiding a disorderly default, it will remove a key risk hanging over the markets over the next few weeks"
- Faros Trading in Stamford (based on CNBC)
Industry outlook
The currency couple carries on advancing further. After it has overcome a resistance located at 108.75, EUR/JPY should focus on attaining 109.38/58 (55 week ma). Subsequent levels are situated at 110.26 and 111.57.
Traders' sentiment
Even though most of the traders expect the Euro to drop relative to the US Dollar, majority of orders on EUR/JPY (72%) imply the single currency is about to gain in value.
Long position opened
The price might rebound from the first resistance level at 108.96, so major dealers are planning to close some of their long positions near this level. Subsequent goals for bulls are 109.65 and 110.83.
Short position opened
The immediate support line is at 107.09. Should the price step even lower, it will encounter subsequent levels at 105.91 and 105.22, where recovery might start.
© Dukascopy Bank