EUR/JPY lifts off 117.90/39

It did not take long for bulls to recover and finally recommence pushing the price upwards. A support area at 117.90/39 thus confirmed its topicality for the market and now EUR/JPY is aiming for 120.40, which, after being overcome, should allow for the rally to continue up to 121.74. A more serious threat, however, is to be encountered at 123.94/29, where attenuation of the bullish impetus is supposed to be more pronounced.

SWFX traders' sentiment stays perfectly unchanged, as the portion of long positions is 38% and shorts continue to take up 62% of the market. The share of buy orders is growing and has reached 56%, although the advantage over sell orders is too insignificant yet to make any trustworthy inferences about future trends.