EUR/JPY corrects to 117.90/39

The pair is moving further away from resistance at 120.40, but is also reluctant to fall beneath 117.90/39 that stands for now. We cannot yet rule out a possibility of a decline to 115.56/44, which is the rising trend-line from Nov 14, but the price should recover from there. The general bias, especially on daily and weekly graphs, is still to the upside, looking at technical indicators and the recent price action.

The share of bullish towards the Euro SWFX marketplace participants is growing and has already attained 38%, whereas the portion of bears (62%) is gradually diminishing. As for the orders placed on the pair, they give a mixed signal, with 53% of them being buy and 47% being sell.