EUR/JPY tests 139

EUR/JPY continues to respect the downward-sloping boundaries of the bearish channel that started emerging soon after the beginning of this year. Accordingly, the Euro could fall down to 138.45/33, where the support is created by the 100-day SMA, weekly S1, 50% Fibonacci retracement level and the falling trend-line, before we witness a substantial upward correction.

As the 18-nation currency is getting cheaper, more and more traders are willing to acquire it. The share of long positions, as a result, is on the rise, and at the moment their share amounts to 70%. Simultaneously, the portion of sell orders is rapidly decreasing, right now only 46% of traders plan to sell the Euro (60% yesterday).