EUR/JPY gained a foothold above Feb 6 high

For now 127.73/127.38, which is a Feb 6 high and weekly S1, is able to prevent emergence of a deeper bearish correction, but the pair has already managed to fetch 125.85/47, meaning that topicality of the former support is decreasing. Still, EUR/JPY is expected to preserve bullish tendency, being that an up-move until 134.40/10 is a path of least resistance.

The sentiment of market participants remains stagnant, as the price is not making any sharp movements. The share of long positions is 47% and the share of short ones is 53%. In the meantime, the portion of buy orders has fallen quite significantly, to 62%, but their dominance over the sell orders (38%) is still intact.