EUR/JPY is being pressured

Apparently, the bulls have lost a local duel to bears around a resistance level at 126.45, an event which prolonged the consolidation phase that is taking place between a 34-month high at 127.94 and a support line at 123.29. In the meantime, the key rising trend-line (since Nov 13) is intact, reassuring us that the bullish outlook is still topical and has not yet been fully shrugged off.

The portion of bearish towards EUR/JPY market participants is growing, reaching 55%, according to the latest data. However, the advantage over bulls is yet insignificant. Comparison of the amounts of buy and sell orders is far less ambiguous, as the former constitute 78% and the latter 22% of the market.