EUR/JPY dipped till 139 JPY

Pairs extended it's losses after failing to breach 141.02/18 few days ago. However, it found timely support with weekly PP/2009 high/20 and 100-day SMAs today and bounced back above 140 JPY. We expect to see further consolidation around 140 JPY. Short term peaks/sell offs remain possible, but these moves should be substantial in order for the pair to gain momentum and start one sided moves.

 

It seems that enthusiasm of bulls is diminishing further. At the moment they account for 41%, 2% less than yesterday, of market participants. Bullish side of pending orders in 50 pip range decreased by 19% and is at 50% level.