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The single European currency may be broadly bearish, but it nonetheless continues to outperform the Japanese Yen, as evidenced by the channel up pattern on the hourly chart of EUR/JPY. The rally started from the level of 136.21 on Feb 4, which is the 61.8% Fibonacci retracement of the November-December up-move. Judging by the near-term technical indicators, this upward tendency is likely to remain intact. However, SWFX traders are presently undecided with respect to the future of the pair—55% are bullish and 45% are bearish towards it. The strength of the upward momentum will most likely be tested at 141.30, the resistance implied by the Jan 28 high.
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