EUR/JPY plummets

We were waiting for EUR/JPY's bearish correction to be limited by the rising trend-line, namely at 127.71/41; nonetheless, it seems that a considerably deeper retracement will precede resmption of the rally initiated last year. The currency pair has not yet closed below this level, but, given the fact that it is already more than 200 pips below the area, there are few reasons to believe the recovery will follow immediately.

A greater amount of traders decided to acquire the Euro than to sell it at the cheaper levels achieved recently. As a result, the share of long positions grew up to 53% and could indicate that the pair may soon approach a bottom. As for the buy orders, they constitute 65% of the total amount.