EUR/JPY bottoms out

The currency pair continues to put considerable pressure on the support at 129.80/16, but is not expected to violate it, since the area is formed by a number of studies, including the 55 and 100-day SMAs, weekly S1 and the rising trend-line that in turn has already been in force for a full year. This is why we believe that the nearest resistances (130.95/62 and 132.60/131.93) are the ones at risk of being breached.

The Japanese Yen, along with the Canadian Dollar, is the least popular currency in the SWFX marketplace, being acquired in 27% of trades in the crosses. Nevertheless, in its pair with the Euro the Asian currency is preferred by far more frequently, in 54% of cases.