EUR/JPY lifts off

The resistance represented by the 55-day SMA at 129.87, which has kept the bulls at bay since Jul 4, is about to be breached, being that the spot price is already more than 70 pips above it. In this case EUR/JPY should be able to reach next area at 131.02/130.74, if this does not happen already today. Even more supply is estimated to be positioned at 132.19/131.92 and 133.81/28.

The advantage of bears (53%) over bulls (47%) in numbers has diminished to the degree where we already cannot posit that the SWFX traders' sentiment is negative towards EUR/JPY—it has just become neutral. On the other hand, the amount of buy orders (54%) exceed the amount of sell orders (46%).