© Dukascopy Bank
"If the ECB does not provide relief and especially if they give a complacent signal on market conditions, the euro is likely to break to the downside sharply"
- CitiFX (based on CNBC)
Industry outlook
EUR/JPY is currently consolidating near 106.33/105.95, before it undertakes an additional attempt to break above 107.48. Breach of subsequent resistance at 108.00 will encourage the pair to reach out for 108.62.
Traders' sentiment
The share of bulls in the market had diminished to 66%, however, they managed to preserve positive sentiment, since bears remain in distinct minority.
Long position opened
Initial resistance area for the pair is situated at 107.70. Subsequent goals for the bullish market payers may be found at 108.09 and 108.79.
Short position opened
A part of the brokers will close their short positions near initial support level at 106.61. In case of downtrend continuation, the pair might rebound from the S2 at 105.91 or S3 at 105.52.
© Dukascopy Bank