EUR/JPY gradually recovers after previous weekly fall

The common European currency paired Friday losses today against the Japanese yen, thus the pair might attempt to reiterate bullish correction and move toward 98.60 (PP Weekly). A breach of this initial resistance level would pave the way to the potential levels at 100.20 (23.60% Fibo; 55-day SMA) and 101.61 (Upper Bollinger band).

The share of market participants holding long positions on EUR/JPY has slightly increased, reaching 69%. At the same time the portion of short positions now constitutes 31% of the total amount of the trades. The disposition of orders shows that 78% of traders expect the pair to continue moving south and 22% of investors hold an opposite view on EUR/JPY.