EUR/JPY returns to up-trend

The currency pair attempted to breach Apr 11 high yesterday, but in the end turned out to be unsuccessful at sustaining the rally. EUR/JPY has already trimmed all the recent gains and is now re-testing the long-term up-trend support line at 128.52, displaying veracity of the daily technical indicators. Nonetheless, this support, in conjunction with the nearby area at 127.71/126.87, should be able to keep bears away.

While overall the sentiment of traders with respect to EUR/JPY remains neutral, the share of the bulls in the market dropped four percentage points to 48%, displaying development of bearish towards the Euro attitude. Still, at the moment 56% of all the orders are to buy the single currency.