EUR/JPY halted by down-trend resistance

The down-trend resistance line at 141 stopped advancement of the pair and initiated a sell-off, which seems to be likely to result in a breach of the monthly S1 and the 38.2% retracement of the November-December up-move. If this is the case, the Euro will be expected to target 2009 highs at 139 next, though there the price will be supported by the falling support line and the 100-day SMA.

In light of Euro's depreciation SWFX traders are starting to exploit lower prices and enter long positions. As a result, the percentage of bullish bets grew from 65% up to 68%. In the meantime, the number of sell orders (60%) significantly exceeds the number of buy ones (40%), but is decreasing.