EUR/JPY plunges to 130.30/14

The currency pair has already reached the tough support area created by the monthly PP along with the 55 and 100-day SMAs, meaning there is an increased probability the Euro will start to recover. Alternatively, EUR/JPY may pierce through this zone, but will still preserve the bullish outlook as long as 127.04/126.97 (200-day SMA and 2009 lows) remains intact.

The advantage of the bears over bulls has slightly diminished since the previous report, as their share went down to 54% from 56% recorded yesterday, although on average the level of the Japanese Yen's popularity is gradually increasing. The distribution between the buy and sell orders is unchanged—61% to 39% respectively.