EUR/JPY rebounds from 117.90/39

Even though the surge was expected to emerge later, as bullish signals sent by the technical indicators were weak, today we witness how the market reacts to the test of 117.90/39, which has once again proved to be of great importance to traders. Resistance at 119.08 has already been eroded, though an intense bearish activity is anticipated to be demonstrated near 120.40.

The preponderance of bearish market participants on EUR/JPY has become even more distinct than yesterday, as they take up 74% of the market, while merely 26% of traders believe the Euro is about to appreciate relatively to the Japanese Yen. The ratio between buy and sell orders is 57% to 43%, respectively.