EUR/JPY hesitates to continue rallying

EUR/JPY is still having some trouble overcoming a resistance line at 123.29, as the Euro did not benefit today from the increased demand, but remained more or less stable relatively to the Japanese Yen. Nonetheless, yesterday the price closed above 123.29 and the next goal is set at 124.77/33, a rally beyond which will target 126.76/11.

Traders in the SWFX marketplace continue to dislike entering long positions on EUR/JPY—currently only 29% of them expect appreciation of the Euro, while the vast majority (71%) of them anticipate a drop in the price. On the other hand, there is almost no difference between the shares of buy and sell orders that are 47% and 53% of the total amount, respectively.