EUR/JPY trying to reach new high

Pair advances further and is currently trying to advance above 17th of September high at 103.87 while being supported by weekly pivot (R2) at 103.65. Although technical indicators point at further advancement of the pair in medium horizon, Stochastic indicator suggest we should see a bearish correction in the nearest future which should conclude with a dip to 103 JPY area.

Uncertainty in the market is continuing as equal shares of traders hold long and short positions on the pair. This happens for the second time this week. Distribution of pending orders suggest that bulls might manage to gain a bigger market share since 58% of all pending orders on the pair are to go long.