EUR/JPY's recovery struggles at 132.94/59

Due to EUR/JPY's explicitly bearish behaviour yesterday, the gap is now fully closed. However, today the currency pair has hit the strong resistance area at 132.94/59, which is needed to be overcome in order for the price to return into the rising channel it has been forming since the first days of August. Meanwhile, short-term technical indicators are not supportive of the rally.

It seems that the bulls keeping the pressure on the pair is taking its toll. Long traders at the moment hold 56%, five percent more than yesterday, of all open positions on the pair. Distribution of pending orders remained the same—65% of buy orders against 35% of sell ones.