EUR/JPY outlook highly negative

Pair has reached the highest level this week and tested 98.299 earlier in the day, but Bollinger band provided enough resistance to keep the pair back.  Pairs outlook remains strongly negative and it is highly likely that the pair will test 97.143 which could pave the way to drop all the way back to 96.5.  

Traders' sentiment remains bullish but has dropped by 7% showing that 60% of market participants are presently long on the currency pair. We should not expect much of a change after the weekend since in the range of 100 pips from current price the same amount of traders as yesterday, 65%,  have posted buy orders .