EUR/JPY consolidates above 139 JPY

Pair has completely lost it's bullish momentum and at the moment is consolidating above the 139 JPY mark. It is very unlikely we will see any major moves in the nearest future. Short term rallies and sell offs remain possible, but the pair should show a solid close below the 139.01/138.44 are to ignite a sell off or peak above 140.86 to provoke a rally.

Bulls are increasing their pressure on the bears. Bullish side of pending orders increase by 10-20% and is at 40-60% level today. Open positions, however, remain almost equally distributed, 51% against 49%, between the long and short traders, respectively.