EUR/JPY is still under bearish pressure

The pair managed to stabilize today after a sharp downfall on Thursday. If the bearish mood holds, the initial support level at 99.76 (Lower support line; Lower Bollinger band) to remain in focus among the investors. A breakout here would expose 98.40 line (S2 Weekly) and, eventually, 97.34 (January 2012 low).

The gap between the number of long and short positions held on EUR/JPY has widened once again. At the moment 32% of trades are bullish, whereas 68% of traders hold short positions. Within 100-pip distance from the present market price, the pair is widely expected to  fall further by 76% of investors.