EUR/JPY approaches 142.46/11

As long as the accelerated rising support line (in force since Nov 7) remains intact, EUR/JPY's outlook will be considered to be bullish. Accordingly, the currency pair is not expected to step lower than 140.44, its next target should be the monthly R1, before the price challenges 143.56, the rising resistance line that has been consistently respected by the market for the past two years.

A jump in the value of the single European currency last week discouraged some of the bullish with respect to the pair market participants, as a result their share fell by three percentage points to 36%. At the same time the portion of buy orders placed grew from 71% to 75%.