EUR/JPY puts strong pressure on 122.80/70

Although just yesterday it looked as if support at 122.80/70 is going to hold, today EUR/JPY appears to be focused on breaching both the weekly PP and the recently established up-trend. The bearish case is further strengthened by the technical indicators, which are pointing south in all time frames. If a close below 122.80/70 is the case, the next significant demand area will be around 121.50 euros, where the monthly S1 coincides with the weekly S2.

There has been a notable change in positioning. The share of longs, which was as high as 63% yesterday, is now 10 percentage points lower, namely at 53%. Moreover, during the last 24 hours the portion of buy orders has fallen from 62 to 40%.