EUR/JPY slipped beneath 130.30/14

EUR/JPY fell through the support at 130.30/14 by more than 60 pips yesterday, but the bulls do not seem to have given up and continue to push the price upwards today. In order to confirm the near-term positive outlook the pair needs to close above the monthly pivot as soon as possible, other wise the dip will likely extend down to the 200-day SMA at 127.05.

The gap between the amounts of bullish and bearish market participants has narrowed even more. Now the share of long positions is 47%, while shorts take up 53% of the total number. Meanwhile, the percentage of buy orders went up to 63% from 61% recorded yesterday.