EUR/JPY reiterates bullish reversal

EUR/JPY bullish momentum added steam today as the Eurozone member states agreed to provide a 100B EUR financial support for Spain to preserve its banking system. In case bullish momentum holds ground, the pair is likely to test the 101.42 level (Initial resistance line) and the zone around 103.74/53 (55-day ma; R1 Monthly).

The traders' sentiment remains undecided as 54% of investors hold long positions whereas 46% o positions are short. Within the 100-pip range from the current market price, 60% of market participants expect the pair to continue moving upwards.