EUR/JPY gains bullish impulse

The interim bearish tendency seems to have finally ended, as today the EUR/JPY currency couple experienced a significant bullish correction, which has already managed to overcome the Monthly PP at 100.55. At the particular moment the price confronts the Weekly R1 at 100.95, which might slow down the rally. In case the uptrend prevails, then the currency pair is likely to reach the 200-day SMA at 102.11, which will probably bring some bearish momentum.

SWFX market participants maintain mixed feelings regarding the EUR/JPY currency couple, since 58% of traders hold long positions and 42% of traders hold short positions. The distribution of orders spots slight uptrend expectations, as 65% of traders ordered to buy and only 35% ordered to sell the single European currency.