EUR/JPY closes in on apex of falling wedge

EUR/JPY punched through this year's low that was established on Feb 4, but the bias is to the upside. The bears are unlikely to handle the demand at 136, which consists of the monthly S1, down-trend, and some other studies. The Euro is instead expected to re-test the monthly pivot point and 55-day SMA near 136, a breach of which will pave a way towards the resistance at 139, created by the monthly R1 and 100-day SMA.

The attitude with respect to EUR/JPY in the SWFX market has somewhat improved, as the share of long positions increased to 58%. At the same time the percentage of buy orders went from 43 to 54%.