© Dukascopy
|
"Developments in Europe's debt crisis are highly uncertain and a final solution may take a long time to reach"
- Seiji Nakamura, BoJ board member (based on CNBC)
Industry outlook
EUR/JPY currency pair has extended its rest upon 55 day ma situated at 107.26/106.31. In the meantime the bullish momentum is expected to gain power and drive the price up to 108.13/109.25.
Traders' sentiment
EUR/JPY market has consolidated at the ratio of 52.2% to 47.8% between bullish and bearish market participants accordingly, as the gap has narrowed only by a fraction since Tuesday morning and investors insist on their current stances.
Long position opened
The initial resistance level for the pair is 107.67. If the price continues increasing, the investors will hold longs until the pair climbs up to 107.92 or 108.45.
Short position opened
Largest investors might have placed their take profit orders at the key support levels. These levels for intraday trading are situated at 107.14, 106.86 and 106.33.