EUR/JPY challenges up-trend support

At the moment EUR/JPY is re-testing the rising support line that connects minima reached on Apr 3, May 2 and May 7. There is also the weekly pivot point that will help contain the emerging dip. If the currency pair violates this level at 131.18, then 129.97/79 will be exposed, although technical indicators, being largely mixed, do not favour development of a bearish scenario

Traders' sentiment with respect to EUR/JPY remains unchanged—the share of long orders stays at 35%, since the pair was not subject to large deviations today. On the other hand, it appears as if many traders plan to buy the Euro on dips, judging by the distribution between the buy (60%) and sell (40%) orders.