EUR/JPY in a hurry to meet 133 yen

Despite the bearishness of the weekly and monthly technical indicators the Euro keeps gaining more and more ground against the Yen. However, none of the important resistances have been violated, and our longer-term outlook remains negative. There is some room left until the 14-month trend-line, but the price should stay below 133 yen. Before we see a test of this level, the rate will first have to pierce through the monthly PP and 100-day SMA at 131.60 and 132.40, respectively.

The market is in perfect equilibrium right now—50% of traders are long and 50% are short. As for the orders, the percentage of buy commands soared from 53 to 75%.