EUR/JPY under downward pressure, 95.60 in crosshairs

The shared European currency weakens against the Japanese national currency all attempts to recover are met with further decline. If the pair to continue trading in a bearish trend, 96.32 is likely to be the next target for bears. A breakout here would expose 95.60 (June 1 Low) and 95.11 (S2 Weekly), respectively.

Bullish sentiment gained strength today as 74% of traders acquired the Euro against the Yen, whereas 26% of market participants hold opposite positions. The pending order allocation shows that 77% of investors expect the pair to deteriorate further and 23% of currency traders expect the pair to rebound from the all-time low.