EUR/JPY may violate up-trend

The rising support trend-line the currency pair has been trading near this week predisposed to a rally, as it has been keeping the upward momentum intact since the mid-June. However, at the moment the Euro is changing hands beneath 133.11 and is already testing some of the lower levels, such as 132.27/131.96 (100-day SMA), meaning there is a high chance that the current trend will be changed from a bullish to a bearish one.

At the moment of writing there is no significant difference between the shares of long and short positions, being that the former constitute 49% (55% yesterday) and the latter 51% of the market. As for the orders, 62% are set to enter the market with a buy and 38% with a sell trade.