EUR/JPY pierces through 114.89

EUR/JPY has rocketed from the accelerated bullish trend-line and is already testing resistance at 116.68/35, while 117.90 is also within reach, being the highest level during the last 18 months. At 117.90/29 we expect to see a correction, but the overall positive bias should be retained by the pair and eventually this obstacle is likely to be breached, paving the way towards 118.89.

Situation in opened orders has experienced a major change, as the share of longs has plunged down to 27%, allowing bears to constitute an overwhelming majority of the market—73%. Still, the ratio between buy and sell orders is neutral, being 52% to 48%, respectively.