EUR/JPY closes in on up-trend

Yesterday the currency pair stayed largely inactive after making it through the monthly pivot point. However, a temporary consolidation is now followed by a strong rally that has already reached the weekly R1 at 131.26. Accordingly, there are only a few steps left to make in order to test the rising resistance line, which in turn guards the May high at 133.81.

The advantage of the bears over bulls has slightly increased since the last report, since the share of the long positions has fallen to 44% and the share of the short ones is now 56%. Meanwhile, the distribution between the buy and sell orders is 56% to 44% respectively.