EUR/JPY tests 129.98/80

As expected, EUR/JPY exhibits bearish behaviour, while firmness in the currency pair is yet to arrive in the future. An initiation of a recovery could take place either at 129.36/02, where the weekly S2 and 55-day SMA stand, or at 127.85/41—an even stronger support area, consisting of monthly S1 and Feb 6 high to name a few. Meanwhile, a long-tern up-trend is continuously implied by the technical indicators on weekly and monthly charts.

SWFX market participants were not able to make their mind over the weekend and just as on Friday remain undecided with respect to EUR—51% of them are bullish and 49% are bearish. However, there is a notable change in the distribution between the buy and sell orders that presently take up 62% and 38% of the total amount accordingly.