EUR/JPY batters 122.44/121.78

EUR/USD constantly fails to escape the tight trading range, which was created after several attempts to breach through a formidable support area at 122.44/121.78. At the moment the currency pair is making a decisive attempt to penetrate the zone. In case we see a close below it, then the dip could easily extend down to the 100-day SMA at 118.74/54, while the technical indicators are more bullish than bearish, suggesting a rally that could go on at least until 126.18/08 is reached.

There have been no changes spotted with respect to the attitude of market participants towards EUR/JPY over the weekend. The share of long positions stayed at 48% and the share of short ones stayed at 52%. On the other hand, the buy orders (58%) exceed the amount of the sell orders (42%).