EUR/JPY challenges 102.63

The currency pair is headed towards an up-trend support line at 102.63, which prevented extension of dips since the end of July and is therefore deemed to be reliable enough to negate bearish momentum. In case the bullish line holds, the price should bounce off it and the next leg up should end around 104.95. Alternatively, the breakout is unlikely to find ground at least until 101.48/30.

SWFX traders' sentiment is unchanged towards EUR/JPY, as the ratio between long and short positions stays 41 to 59 per cent, accordingly. Orders, however, give a different signal, since buy orders (70%) greatly exceed sell orders, which in turn constitute only 30% of the market.