EUR/JPY advances further; attempts to hold bullish bias

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The recovery in the euro is being driven by expectations that one, Greece will vote for a pro-bailout party at this Sunday's election and two, that the European authorities will step in with euro bonds/more ECB support if Italy gets in more trouble and sees its bond yields surge to unsustainable levels."
- Forex.com (based on MarketWatch)

Pair's Outlook
Bullish recovery in EUR/JPY added to gains today as the Eurozone annual CPI figures came in line with analysts' expectations, suggesting the macroeconomic conditions are stabilizing in the region.. If bullish trend to continue further, the pair is likely to test the 101.42 level (Initial resistance line) and 102.08 (R1 Weekly). A breakout here would expose 103.74/53 (55-day ma; R1 Monthly).

Traders' Sentiment
The share of market participants holding long positions changed as 64% of traders are bullish whereas 36% of traders expect the pair to deteriorate further. Within 100 points from the present market price, 64% of investors anticipate eye an appreciation of the Euro against Japan's Yen.

© Dukascopy Bank SA
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Actual Topics

Thu, 14 Jun 2012 18:31:44 GMT

AUD/USD bullish momentum loses strength

AUD/USD rose further today as the market anticipates weak US macroeconomic data (Core CPI and Jobless Claims). Thus, if AUD/USD hold a bullish bias, 1.0059 (55-day ma) is going to be the initial target for bullish traders. Once the 55-day moving average is left behind, 1.0206 (R1 Monthly) and 1.0304 (Upper resistance level; 200-day MA) might be targeted by bullish

Thu, 14 Jun 2012 08:10:18 GMT

USD/CHF to recover from 0.9563/56

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