EUR/JPY confirmed 121.78

A shallow bullish correction from 120.27/09, which followed penetration of a support line at 121.78, is now completely pared, as it seems that the pair is willing to lose even more ground in the near future, according to the daily technical indicators. The nearest notable supports that may play a notable role in forming EUR/JPY chart are at 118.82/74, 117.90 and 117.19.

While the Japanese Yen is acquired only once in four trades on average across its currency pairs, traders are undecided regarding EUR/JPY's outlook, 49% of them are long and 51% are short on it. The situation is totally different when we look at the orders placed on the pair—an absolute majority (81%) are buy orders, apparently waiting to be triggered once the Euro depreciates a little more.