EUR/JPY approaches 2007 low

Having found solid support at 145, EUR/JPY closed above the 2013 high, implying more gains in the nearest future. The immediate resistance is at 147.90, represented by the weekly R1, but it is highly unlikely to keep the currency away from the 2007 minimum for long. The supply above 149 on the other hand may trigger heavy selling that could persist until the price falls back to the monthly R2 before regaining bullish momentum.

The sentiment with respect to the Euro is stable and bearish, since the percentage of short positions (64%) is fluctuating around the 10-day average (62.5%). But the amounts of buy (53%) and short (47%) positions are close to being equal.