EUR/JPY halted by 145.18/144.75

The currency pair continues to struggle at 145.18/144.75 that consists of the long-term up-trend and the monthly R2 level, making it quite a difficult hurdle to surpass. Should this supply zone eventually give in to the buying pressure, the rally will be expected to extend up to 146.29, where it will meet the weekly R1 and a two-month resistance line before starting a bearish correction.

The difference between the amounts of long and short positions has not changed over the weekend—the bears remain in a majority with 58% of the market. Meanwhile, there has been a substantial contraction of the share of buy orders. Now they take up only by 16 percentage points more space than the sell ones.