EUR/JPY sold off back to 139

Although EUR/JPY has confirmed the falling trend-line as the new support, its bullish momentum turned out to be insufficient to pierce through the tough resistance at 140.15/05. As a result, the pair returned back to the 100-day SMA, where it should find enough demand in order to reignite the rally, as suggested by the majority of monthly technical indicators.

Presently, the amounts of bullish (52%) and bearish (48%) market participants are nearly equal, meaning that the traders' sentiment at the moment is neutral. Meanwhile, there is a significant number (67%) of sell orders placed on the currency pair, even though their share has decreased since the previous report (from 78%).