EUR/JPY skyrockets from 139.03/138.65

Being underpinned by a cluster of supports at 139.03/138.65, which consists of the weekly PP, 2009 highs and the up-trend line (in force since Nov 7), the Euro soared up to the weekly R1 at 140.29. The tendency to rise in the near-term was also suggested by the technical indicators, which still remain strongly bullish, meaning that the resistance at 141.34/12 is likely to fall victim to the present rally as well.

Despite a 140-pip bullish spike the distribution between the bulls and bears seems to be completely unaffected—39% of positions are currently long and 61% are short. Concerning the orders, 71% are set to acquire the Euro and merely 30% are set to sell it against the Japanese Yen.