EUR/JPY to stay capped by 135.39/134.93

Being that the resistance at 135.39/134.93 rejected access to higher levels, EUR/JPY is expected to gradually slide down to 132.59/54, where it will encounter the monthly pivot point, 55-day SMA and, more importantly, the up-trend support line. There the demand should rekindle the upward momentum of the currency pair, which is considered to be bullish in the long term.

EUR/JPY has been following an up-trend for more than a year already, but a substantial majority (63%) of the SWFX traders consider that the pair has already topped out and the Euro will be unable to appreciate relative to the Japanese Yen any further in the future.