EUR/JPY faces 103.67

In continuation to the rally incepted at 101.11, being the current location of the 200-day SMA, the price has effortlessly pierced through the remaining resistances that separated it from the bearish trend-line presently standing at 103.67. EUR/JPY is expected to have a hard time overcoming it, since it is also an intersection point with an up-trend resistance line drawn form a low reached on 24th of July. Accordingly, even if the bulls remain in control, a bearish correction is highly probable in the near term.

SWFX traders' sentiment remains balanced, as at the moment the ratio between long and short positions is 47% to 53%, respectively, meaning persisting indecision in the market. Conversely, buy orders (56%) are in majority over sell orders (44%), even though by a narrow margin.