EUR/JPY faces up-trend support

The latest downward movement has nearly come to a complete halt, being that a formidable support area at 129.77/16 is currently keeping the bearish sentiments at bay. Accordingly, there is an increased chance that the history will repeat itself and the price will rebound from the rising trend-line. Then EUR/JPY will have to challenge the nearest resistances, namely 130.95/62 and 132.61/131.93.

Regardless that the Japanese Yen is one of the least frequently acquired currencies in the SWFX marketplace, namely in 27% of cases, there is a strongly elevated interest among the traders to purchase it against the single European currency. At the moment 55% of positions opened on EUR/JPY are short.