EUR/JPY rallies from major SMAs

Now there are almost no doubts that a formidable support zone, mainly consisting of the 55 and 100-day SMAs (also strengthened by the weekly and monthly PP levels), managed to halt the decline of EUR/JPY, suggesting that the weekly R1 is in danger of being breached in the nearest future, just like the monthly R1 at 132.09 and some of the subsequent levels until the rising trend-line at 133.81, advancement beyond which is likely as well, but will be more difficult to realise.

The number of the Euro-long positions in the whole SWFX marketplace suddenly fell to 49% from 53% seen yesterday. Particularly towards EUR/JPY the sentiment worsened quite noticeably—the share of long positions plunged by six percentage points from 46%.