EUR/JPY penetrates resistances

EUR/JPY has already surpassed a number of resistances, including the monthly R2 at 128.44 and weekly pivot point 129.25, but the price still needs to close above these levels to confirm its bullish intentions in the future, although a more serious test of the upward momentum is likely to occur in the area of the local high at 130.10. This zone is also reinforced by the weekly R1 and monthly R3.

The portions of bulls and bears in the market are levelling off, as the former now take up 48% of market participants. Consequently, the traders' sentiment is neutral towards EUR/JPY, even though the Japanese Yen is considerably less popular (bought in 26%) in its cross than the Euro (bought in 46%).