EUR/JPY steps above 123.29

As expected, the currency pair has eventually overcome 123.29 and is already getting ready to pierce through 125.06/124.77, which should not hamper the current recovery. The next goals for the price are standing at 126.76 and 128.65, since the bears continue to ignore the rally and stay away from the market. Technical indicators are giving contrary signals and in aggregate are mixed. Accordingly, there is presently a lack of support in favour of the bullish outlook.

The sentiment of the market has become even more bearish towards EUR/JPY than yesterday, as the share of short positions has increased up to 73%, accordingly, the portion of bulls has diminished to 27%. The ratio between the buy and sell orders is 56% to 44%, respectively.