EUR/JPY pushed through 121.78

The currency pair has finally left the narrow corridor it has been trading within, closing beneath the support at 121.78. The next level in focus is 120.46/09, which has recently (Feb 25-28) been denying attempts of bears to push the price lower and is therefore considered to be location of strong buying pressure that may keep the price afloat. If this is not the case, then the 100-day SMA at 118.68 will be exposed.

Despite the fact that the Japanese Yen is by far less popular currency in the SWFX marketplace (acquired in merely 21% in its crosses on average) than the Euro, the sentiment of traders towards EUR/JPY is not bullish, but slightly bearish. The share of long positions is 48%, while bears take up 52% of the market.