EUR/JPY bumped into 105.29/48

EUR/JPY has finally reached the upper edge of a bullish channel at 105.29/48, where also weekly and monthly pivot points meet. Judging by density of the resistance area the currency pair will require some time and considerable effort from bulls to erode it. Moreover, technical indicators are mixed and thus do not favour occurrence of an upward breakout.

Traders have become less bearish towards EUR/JPY, as the share of short positions declined to 54%, while bulls have increased in numbers, constituting 46% of the market at the moment. The opposite is seen on the side of standing orders, as 55% of them are to buy the Euro and 45% are to sell it against the Yen.