EUR/JPY gains a foothold above 123.29/11

The support at 123.29/13 has held the selling pressure and prevented a protracted drop of a price, preserving the potential of the Euro to appreciate further. The nearby resistances are at 124.93 and 126.45, but 129.21/127.94 is the real threat to the emerging rally. In the meantime, technical indicators give mixed signals and do not speak in favour of either bullish or bearish scenario.

The balance between the bulls (46%) and bears (54%) is maintained at a more or less the same level, being that positioning of the SWFX marketplace participants remained unchanged over the weekend. Nevertheless, the share of buy orders has fallen notably, down to 63%.