EUR/JPY erodes 101.99/95

After an encounter with a crossing of an up- and a down-trend lines EUR/USD had more than enough bearish inertia to pierce through support at 102.63, although with a little bit of effort. The pair intends today to close below the 55-day SMA and at the moment is headed towards the 200-day SMA at 101.36/30 and a bullish trend-line at 100.89/44, which, if are unable to prevent further losses, should at least somewhat cushion the fall.

Currently there is no particular preference shown by the market towards any currency in the pair, as the shares of long and short positions are similar, 48% and 52%, respectively. Neutral sentiment is also supported by the ratio between buy and sell orders—51% to 49%, accordingly.