EUR/JPY recovers from up-trend

A recovery did not stop yesterday—EUR/JPY is currently developing the progress, though the rally still appears to be rather shallow for the time being. Nevertheless, there are now less reasons to doubt the ability of 132.20/09 to underpin the price and revitalise the bullish momentum, which in turn should not encounter any major difficulties until 133.81.

Overall, the popularity of the single European currency diminished (37%), while the Japanese Yen became more attractive relative to yesterday's observations (42%), according to the latest SWFX data. Regardless, the sentiment towards EUR/JPY stayed the same, 44% of positions are long and 56% of them are short.