EUR/JPY remains beneath weekly PP

The weekly pivot point continues to resist appreciation of the Euro relative to the Yen. This is happening despite the current context being auspicious for a bullish run from the nearest support at 132.67/51 up to the upper trend-line of the bullish channel at 135.59 (in place since the beginning of August). In addition to that most of the monthly technical indicators suggest a long-term rising trend for the currency pair.

Although the amount of bulls (53%) is larger than the amount of bears (47%) at the moment, the difference is insignificant, in other words the sentiment towards EUR/JPY is currently neutral. In the meantime, the Japanese Yen has become less popular—the frequency with which it is acquired has fallen.