EUR/JPY inching higher

It seemed like the pair was going to rebound from 139 JPY yen yesterday, but continued to inch up higher and at the moment is testing range cluster of resistance levels at 1.3924/42. We do not expect the pair to be successful in this occasion and anticipate a fall till 138.53, maybe even recent low at 137.90. However, in case the pair will be successful it should reach 140 JPY.

Situation in the market is rather unclear now. Bullish side of open positions increased by 3% and is now almost equal with the short side. Long side of pending orders in the narrower (50-pip) range increased  by 9% and is at 56% level, whereas in the 100 pip range it remained at 47%.