EUR/JPY stopped by monthly R1

EUR/JPY has recently encountered the resistance at 132.58/54 formed by the major up-trend, initiation of which dates back to the second half of 2012. Accordingly, it would be reasonable to expect a sell-off from the current levels before the advancement is resumed. The dip is likely to push trough the intermediate support at 131.28 and extend down to a more reliable area at 130.30/14.

Right now there is a slight advantage of the bears over bulls, since the shares of the long and short positions are respectively 56% and 44%, meaning that the sentiment remains more or less unchanged. Meanwhile, the distribution between the buy and sell orders is 61% to 39%.