- Barclays (based on CNBC)
EUR/JPY crashed into the major resistance level, which may well prevent further appreciation of the Euro. The supply at 137 yen is implied by the monthly R1 and 200-day SMA, and only the daily technical indicators favour higher price. The currency pair is therefore exposed to a decline. The immediate support is at 135.63, represented by the weekly PP, but the sell-off is likely to extend at least to 134.00.
The difference between the bullish and bearish market participants has become insignificant, it now amounts to only 10 pp (20 pp five days ago). The gap between the buy and sell orders also fell, but from 40 to 14 percentage points.