EUR/JPY halted by 139.54

As it turned out, the supply circa 139, implied by the 2009 highs in conjunction with the 100-day SMA, was insufficient to prevent further appreciation of the Euro. EUR/JPY stopped only after hitting the one-month down-trend resistance line at 139.54. If the exchange rate fails to regain bullish momentum in the nearest future in order to challenge the monthly PP, then the price will target the 200-day SMA near 1.35.

The gap between the number of bullish (55%) and bearish (45%) market participants narrowed compared to the previous report, being that the risk of Euro's overvaluation has slightly but nevertheless increased.