EUR/JPY capped by 55-day SMA

Pair remains biasless while hovering slightly above 140 JPY. It seems that the biggest impact on this is coming from 55-day SMA which is likely to keep the pair capped in the nearest future. Peak above it, however unlikely at the moment, could provoke a rally. Much higher chances are to see a failure somewhere around 55-day SMA which , most likely, would send the pair to the vicinity of 139 JPY.

We observed a substantial increase in bullish sentiment in the market. Long side of open positions increased by 14% since yesterday and is at 51%. Bullish side of pending orders declined by7% and is at 50-53% gauge depending on the range.