The EUR/JPY's decline on Friday negated all previous week's gains, with trade opening even lower today. However, the Japanese currency weakened in the Asian session today, as the BoJ Governor's statement weakened the Yen, allowing the Euro to take the upper hand. Immediate resistance is represented by the weekly pivot point at 127.91, which is expected to limit the gains. Nevertheless, technical studies retain distinctly bearish signals, suggesting the given cross could retest the down-trend at 127.03, now also bolstered by the weekly S1, the monthly and weekly S2s.
There are 51% of traders holding long positions today, whereas the portion of sell orders decreased from 72 to 68%.