EUR/JPY trades flat

The beginning of a week is extremely calm, as the pair fluctuates in a 20 pips gap, symmetrically around a 125.00 benchmark. Looking from a longer time perspective, the pair gradually appreciates and the closest resistance will be the monthly R1 at 126.16 and the Bollinger band at 126.43. If the pair reverses to test a bullish trend, the monthly PP at 124.00 will be the first support, and slightly lower, around 122.50 area, is located an intersection point of the 100-day and 20-day-SMAs and the monthly PP.

It seems that the bulls and bears found an equilibrium, since both sides possess an equal amount of opened positions. But placed orders' market still remains skewed to the bullish side, as 63% of orders wait to be opened as long positions and 37% as shorts.