EUR/JPY halted only by 134.59/49

The resistance at 134.59/49, composed of the weekly and monthly R2 levels, along with the up-trend line (in force since last year's July), managed to completely nullify the bullish momentum, keeping today's fluctuations near the open price. Accordingly, if this area is not breached in the nearest future, we are inclined to believe the bearish scenario, with the likely target at 132.20/131.94, has a high chance of materialising.

SWFX traders are getting less convinced that the Japanese Yen is going to continue outperforming the single European currency, since the difference between the shares of long (47%) and short (53%) positions contracted. The gap between the buy (69%) and sell (31%) orders, however, widened.