EUR/JPY passes 50-day SMA

EUR/JPY preserves bullish momentum it started to exhibit at the end of the previous week—right now the currency pair is eroding the 55-day SMA at 129.78. It is likely that 130.83/130.48 will also fall a victim to the rally in the near term, but further extension of the surge is under question, as the up-trend line is sure to provide strong resistance.

Even fewer market participants are willing to hold long positions on the Euro, believing that the price is about to hit the ceiling and start declining. At the moment 40% of traders are bullish and 60% are bearish on the pair, while 59% of orders are to buy and 41% are to sell the single currency.