EUR/JPY is bullish

Since EUR/JPY has recently broken out of the falling wedge and confirmed the upper edge of the pattern to be the new support, the pair is in a good position to move further North. Right now the Euro is facing the 100-day SMA, but the trading may already take place at the July's high in the coming weeks. However, advancement beyond this point may prove to be difficult, considering that it is reinforced by the monthly R2 and 200-day SMA.

There has been a dramatic change in the attitude of the SWFX market participants towards the single European currency, being that the share of long positions has gone from 31 to 59% during the last 24 hours.