EUR/JPY retests the 55-day SMA

EUR/JPY pair hovers around the 20-day SMA for a fourth straight day, as the price is bounded by the monthly PP level at 122.45 and a 124.00 benchmark. Currently the price consolidates on an intersection point at 123.28, where the 20-day and 55-day SMAs merge with the weekly PP. However, investors might expect to see an upside movement in the closest future in order to close a gap at 124.59.

Bears enter the market more heavily, as the sell side increased by another 2% and reached 53% in total. Waiting orders segment provides bullish sentiments, as 60% of orders are waiting to buy the Euro over the Japanese Yen.