EUR/JPY around 143 JPY

As anticipated pair found support with the monthly R1 after a dip yesterday and remains at the vicinity of 143 JPY. We do not expect any major moves to occur till the end of the trading week. But we anticipated 144 JPY are to be challenged in the medium term. If the pair peaks above it we should start looking at 145 JPY. In case of a failure at 144 JPY or a dip below monthly R1 the pair might trail till 141 JPY.

 

Market sentiment remains unchanged as bears continue to hold 55% of all of the open positions on the pair. Bullish side of pending orders increased further, by 12-16%, and is at 68-71%  level depending on the range around current market price.