EUR/JPY breaches 124.00 again

EUR/JPY attempted to breach a 124.00 benchmark yesterday, but the pair was unable to accumulate bearish sentiments to push the price down to the monthly PP level at 122.45. However, today the pair regains bullish impetus and steps up again with the first aim to overcome a 124.00 level. A successful movement and settlement above this resistance would send a buy signal with T1 at 125.05, where the weekly R1 is located, and T2 at 126.16, where the monthly R1 is positioned.

Traders reduced bearish exposure marginally, as the sell side decreased by 1% and now amounts to 51%. Pending orders segment has slightly higher expectations than the spot market to experience a continuation of a bullish trend, as 57% of orders are ready to buy the Euro over the Yen.