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EUR/JPY stuck in tight range between 138 and 139.50

© Dukascopy Bank SA
"I think you've got to care about it [Greek debt crisis] because if we don't get a deal and Greece stumbles out of the euro zone, we're going to see significant market repercussions." - Edward Campbell, Quantitative management Associates (based on CNBC) 

Pair's Outlook 
Yesterday the EUR/JPY behaved according to the forecast. Immediate support cluster around 139.35 failed to prevent the given pair from falling, thus, the Euro declined towards the weekly S1. Today the Euro is likely to rebound from the strong support cluster, represented by the weekly S1, the channel lower border and the Bollinger band. However, gains should be limited by another group of important levels around 139.35. Risks of breaking out of the pattern exist, although technical studies keep giving mixed signals in the daily timeframe. 

Traders' Sentiment 
Market sentiment broke out of the equilibrium, as 47% of positions are long today. The share of buy orders edge up from 16 to 25%.
© Dukascopy Bank SA


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