EUR/JPY declines after confronting 101.05

An uptrend resistance line at 101.05 curbed the latest rally of EUR/JPY after it had rebounded from a 38.2% Fibo retracement level for a move started on July 25. Once 100.61/55 is eroded, the Euro will be poised for further losses against the Yen, down to 100.14 initially, then to a formidable area at 99.04/98.45, mainly reinforced by 55 and 100 day SMAs.

There is no consensus among the SWFX marketplace participants at the moment, as 46% of positions opened are long and 54% are short on the currency couple. The similar undecided situation persists with orders placed on EUR/JPY, 47% of them being buy and 53% being sell.