EUR/JPY is held by 129.95/58

A shallow rally following a test of the support at 129.95/58 predisposes to an increase in the bearish pressure that should push the price lower, towards the rising support line at 127.85/41. However, looking at the near-term technical indicators, which are mixed, a bearish correction may end earlier, somewhere around 129.02, especially if the price fails to close beneath 129.95/58 this week.

The gap between the long (55%) and short (45%) positions started to widen. The difference is not substantial yet—10%, but it appears that the number of Euro-bulls is now growing, while the Japanese Yen remains the least frequently acquired currency—only in 29% trades among its crosses.