EUR/JPY's bearishness eases

At the moment EUR/JPY is combatting with the resistance zone that stretches from 127.08 up to 127.71. This particular attempt to establish a toe-hold above this area is not expected to be completed successfully. We favour more bearishness in the Euro, down to 124.30 or even 121.11-120.10 regions before a sustainable recovery emerges.

Traders' sentiment did not react to the change in EUR/JPY rate and for now remains neutral—52% of positions are long and 48% are short, even though on average the Euro is acquired more frequently than the Yen (38% against 29%). Meanwhile, the share of orders to buy the single currency for U.S. dollars amounts to 46%.