EUR/JPY forces its way through 126.98/87

The major up-trend line has been just breached, meaning that the outlook has now turned to bearish. The support at 126.98/87 may hold the price above for a day or two, but, given that daily technical indicators are sending ‘sell' signals, EUR/JPY's next goal is going to be the area formed by the weekly and monthly S2 levels. Nevertheless, the spot price is still considerably above the 200-day SMA, which in turn stands at 119.86.

Traders' attitude towards EUR/JPY has not changed since yesterday—52% of all the positions opened on the currency pair are long, although this percentage could have been higher, considering that the Japanese Yen is the least preferred currency in the SWFX market—acquired in merely 25% of cases in its crosses.