EUR/JPY settles above 139.03/138.65

The currency pair has just breached the resistance represented by the 2009 highs, but seems to have lost its bullish momentum in the process. If EUR/JPY gains a solid foothold above 139.03/138.65, it will be well-positioned to extend the advancement. The nearest obstacle in this case will be the weekly R1 and the up-trend resistance line at 140.55/29.

The attitude of the SWFX marketplace participants with respect to EUR/JPY remains unchanged, even despite the two-day pause in trading during which many usually review their positioning. Right now 42% of traders consider the Euro to be bullish, whereas the majority (58%) believe the rally is about to give way for a sell-off.