EUR/JPY breaks through monthly R1

Once EUR/JPY had hit the support created by the weekly pivot point and the 20-day SMA at 131.25/07 yesterday, the bulls became active and threw the currency pair above the daunting resistance line in the face of the monthly R1. At the moment the price is already eroding the next area at 132.87/61, though EUR/JPY might not be as bullish when its gets closer to the May high.

SWFX traders have become less inclined to purchase the single European currency. The share of Euro-long positions in all of its crosses dropped down by five percentage points to 45% within the last 24 hours. In EUR/JPY the situation did not worsen as much, the portion of bulls fell from 48% to 46%.