EUR/JPY rebounds from 131.23

Yesterday EUR/JPY dived beneath the weekly pivot point level at 131.23, but today the currency pair has already managed to recuperate and fully offset the losses. Accordingly, soon there is going to be a re-test of the resistance at 132.28/19 (monthly R1), which should be eventually breached, thus opening the way towards the weekly R1 at 133.08 and the multi-year high at 133.81.

We may assume that today's bullish tendency of the pair forced some of the bears out of the market, being that the share of their positions contracted to 62%, while at the moment of writing the spot price is 90 pips above the open. The ratio between the buy and sell orders is 53% to 47% respectively.