EUR/JPY challenges 123.29/122.84

Support at 125.05/124.96 was unable to nullify the bearish impetus, but 123.29/122.84 has a higher chance of withstanding the selling pressure and thereby securing the bullish outlook. However, if the price closes below the rising trend-line, then we are likely to see a quick decline towards 121.10/120.92, while a subsequent level is at 119.70/118.94.

While traders' sentiment was neutral yesterday, it has become slightly more bullish today, since the share of long positions has grown up to 56%. Additionally, the portion of pending buy orders has increased up to 74% from 68% recorded during the writing of the previous report.