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EUR/JPY losing ground

© Dukascopy Bank SA
They (the Greeks) are going to make their next payment but even so ... I get the feeling in the market that there are increasingly more people who are positioning for a Grexit." 
- Adam Myers, Credit Agricole (based on CNBC)


Pair's Outlook 
Despite all expectations, the EUR/JPY cross edged down on Friday. The Euro lost 35 pips against the Yen, although the pair was seen appreciating for most of the day. Technical studies retain strong bullish signals, suggesting a rebound today. Nonetheless, we anticipate the single currency to weaken today and cross the 134 level; however, a dip beyond 133 is highly unlikely, as it is backed by the immediate support level, namely the weekly S1. We should not rule out the possibility of a rally towards at least 135 amid Eurogroup Meeting results.  

Traders' Sentiment 
Today only 40% of traders are long the Euro, whereas the number of orders to acquire the single currency remains unchanged at 48%.
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