EUR/JPY turns at 134.73/49

The previously noted rising trend-line (have preserved topicality for more than a year), which created significant resistance near the monthly R2 at 134.49, did not allow the Euro to appreciate any more, sending the currency towards the May high at 133.81. Consequently, there is a high chance the price will slide down to 132.51/09 before it starts forming yet another up-leg.

The current distribution between the long and short positions on EUR/JPY is exactly the same as last week, namely the former take up 47% of the market, while the latter—53%, meaning the indecision among the SWFX traders with respect to the currency pair's future persists.