EUR/JPY gains momentum

Yesterday EUR/JPY soared above the weekly pivot point at 130.95, retaining the strong bullish momentum that is expected to push the price even higher. The nearest targets are the weekly R1 at 131.93 and the monthly R1 at 132.58, although a potential threat to the upward tendency is deemed to be a multi-year high at 133.81, a level also reinforced by the weekly R3.

There has been a substantial jump in the Japanese Yen's popularity recently, being that now on average it is now bought in 33% of cases, yesterday this measure stood at merely 27%. However, this did not introduce any changes into the sentiment towards EUR/JPY, where 46% of positions are still long and 54% are short.