EUR/JPY stands pat at 120.09/118.88

Due to current tranquillity in the market we should not expect the pair to breach any of the major levels or rewrite highs or lows in the nearest future. Accordingly, 120.09/119.88 should hold for now, being under downward pressure, though later on this support is expected to fall victim to bears, who then are likely to hunt for even lower levels, such as 119.08/118.74, the 100-day SMA.

Traders' sentiment towards EUR/JPY is completely unchanged since the last report, being that the share of longs stands at 49% and the share of shorts stands at 51%, although there is a significant difference between the rates at which the Euro (52%) and Japanese Yen (27%) are bought on average in their respective crosses.