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    EUR/JPY puts strong pressure on 122.80/70

    © Dukascopy Bank SA
    "Overall, inflation pressures in the euro zone remain weak, but that will change soon as the year-over-year rate in energy prices normalizes."
    - Pantheon Macroeconomics (based on CNBC)

     
    Pair's Outlook
    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.
     
    Traders' Sentiment
    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%.
     
    © Dukascopy Bank SA

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