EUR/JPY commences moving south; might move towards 95.60

The shared European currency fell against the Japanese Yen and currently the pair is approaching an initial support level at 96.21 (Upper support line; S1 Weekly). However, if bearish momentum strengthens and the first support line is going to be breached, 95.60 (June 1 Low) and 95.11 (S2 Weekly) are likely to be next.

Traders' sentiment remains bullish on EUR/JPY today, though it slightly weakened compared to yesterday as 71% (74% yesterday) of market participants are presently long on the currency pair and 29% of traders still expect the pair to decline further. The allocation of long and short positions points at a weakening bullish sentiment as 54% of investors expect the pair to advance over the middle term.