EUR/JPY soars from 123.29/122.99

The rising support line that connects the minima since Nov 14 has once again proved to be topical to the market, sending the price straight upwards after the currency pair had touched upon 123.29/122.99. EUR/JPY has opened this week above the weekly pivot point and is therefore bullish. The positive outlook is also implied by the daily technical studies, but the signals are mixed on senior time frames.

At the moment there is no difference between the amounts of bullish and bearish market participants, meaning that the sentiment is perfectly neutral towards the pair. At the same time, the dominance of buy orders has somewhat tapered off, but they still take up 67% of the total amount.