EUR/JPY rebounds from weekly PP

EUR/JPY did not post a third red day in a row but bounced off of the weekly pivot point at 135.60. Taking into account today's performance, the 55-day SMA is highly likely to be breached. However, there is still last week's peak, 100-day SMA and monthly PP that may well put an end to this rally. A close above 137 yen will not invalidate the bearish outlook, as we will still have a falling resistance trend-line at 137.90.

The sentiment remains neutral, being that 51% of open positions are long and 49% are short. The distribution between the buy and sell orders also proved to be stable, but it is skewed in favour of the former, the share of which is 60%.