EUR/JPY erodes 141.47

EUR/JPY, being supported by the 55-day SMA and the monthly S1 level, remains on a bullish path and is about to breach the weekly PP at 141.47. If this is the case, the currency pair will most likely try to advance even further, up to the monthly pivot point at 142.91, as suggested by the weekly and monthly technicals. Additional resistances are the weekly R2 at 143.88 and weekly R3 at 144.85.

The sentiment towards EUR/JPY stays largely unchanged, being that the difference between the amounts of bullish (53%) and bearish (47%) market participants remains insignificant. Conversely, within 50 pips from the spot the buy orders hold a substantial majority of the market—68% of it.