EUR/JPY rapidly approaches 128.65/127.94

Not only EUR/JPY is preserving an already high pace of recovery, but it also appears to be increasing it as well, having effortlessly pierced through last week's resistances. Presently the pair seems to be willing to undergo a bearish correction after a prolonged bullish run, though the indicators are giving mixed signals. The dip is thus not expected to cross 123.29/122.86 until the bulls once again regain the control.

There has been a significant change in the sentiment of traders towards EUR/JPY, but the majority (62%) is still short on the pair. At the moment 38% of positions are long. As for the orders, the situation is completely different, with 66% of orders to buy and 34% of them to sell the Euro.