EUR/JPY reiterates bullish trend, goes for 97.93

EUR/JPY started a week lower after Friday's rally, yet on Tuesday the pair managed to pair gains after touching 96.80 (PP Weekly). If bullish momentum emerges, then 97.93 (61.80% Fibo) is likely to be the first resistance, and if it is successfully pierced, a path towards 98.43 (Upper Bollinger band) and 100.53 (100-day SMA) will be cleared.

Traders' sentiment remains bullish on EUR/JPY today as 71% of market participants are presently long on the currency pair and 29% of traders still expect the pair to decline further. The allocation of long and short positions indicates a weakening bullish sentiment as 54% of investors expect the pair to advance over the middle term.