EUR/JPY rapidly approaches 114.89

Bulls are likely to be reassured in the positive outlook on the currency pair by the most recent action of the pair, even though the day is not yet closed and it may be too soon to draw conclusions. Nevertheless, there is a bullish engulfing pattern emerging on the chart, a signal, which is supported by both daily and weekly technical indicators.

The portion of long positions on EUR/JPY maintains the positive growth tendency and has increased once again, this time up to 60%. Consequently, short positions now amount to 40% of the market. As for the orders, 58% of them are to buy the Euro and 42% are to sell it against the Japanese Yen.