EUR/JPY stays directionless

EUR/JPY keeps on wobbling between the weekly pivot point at 133.72 and the rising trend-line at 132.75/51, being unable to gain upward traction. In the end, however, the Euro should break free and advance towards 135.59, where the upper trend-line of the bullish channel merges with the weekly R1. Still, the currency pair will have to breach a tough resistance area between 134.49 and 134.92 along the way.

At the moment a majority (55%) of traders are believing the single European currency will tend to appreciate relative to the Japanese Yen in the future, although on average in their crosses these currencies are bought with the exactly the same frequency, namely in 39% of trades.