EUR/JPY moves away from 140.15/03

Following a test of a formidable support zone at 140.15/03 EUR/JPY is now grinding higher. The nearest resistance is at 141.47, namely the weekly PP, but, judging by the technical indicators, there is a good chance the currency pair will manage to approach the monthly PP at 142.91. Nevertheless, banks' forecasts suggest the Euro is going to lose value—the median estimate for the first quarter is 138.

As 24 hours ago, the sentiment of the SWFX market participants towards EUR/JPY stay neutral, since the amounts of long and short positions are exactly the same at the moment. Looking at the orders 50 pips up and down from the spot, most (65%) of them are to sell the Euro against the Yen.