© Dukascopy Bank
"Unless there's a big surprise from the BOJ later this month, any additional easing would have limited effect on the yen"
- Credit Agricole SA (based on Bloomberg)
Industry outlook
EUR/JPY has ended its bearish correction and is presently well-placed to challenge 107.10. Once the latter level is overcome as well, resistance at 108.62 will be targeted next. Dips should be limited by 106.30, 105.73 and 104.62.
Traders' sentiment
Majority of market participants are currently bullish on EUR/JPY currency couple, since 56% of them stay long and 44% of them stay short on the pair.
Long position opened
Investors should pay close attention to the identified resistance levels for the pair at 106.50, 106.92 and 107.53.
Short position opened
Bearish market players will pay attention to a near-term support at 105.47. The downtrend continuation will establish following targets for traders: S2 at 104.86 and S3 at 104.44.
© Dukascopy Bank