EUR/JPY volatile around 142 JPY

Pair remains rather volatile and continues to trade around 142 JPY. We do not expect to advance higher and will start to trail lower shortly. When this happens we should start looking in to 141 JPY (100-day SMA/weekly  S1) and 140 JPY where the median price expectation of major market participants is located.  In case of an unexpected bullish impetus the pair might go as high as 143 JPY, but we don't expect much more in the short to medium term.

Bullish side of pending orders expanded by 6-7% and is at around 60% level today. Long side of open positions, however, contracted by 1% and is at 45% level today.