EUR/JPY trades above 20-day SMA

After Friday's drop below monthly PP at 141.70 the pair has slightly appreciated; however, it is still trading below monthly PP. Today the pair dived beneath 100-day SMA; although, it did bounce back to trade above it and we expect it to trade there. If the pair closes above the monthly PP at 141.70, then it might regain bullish bias and climb towards 142.12.

The SWFX market participants are getting less confident that the Euro will fall against the Yen, but in overall there are still more bears – 56%. The distribution between the buy and sell orders is also quite stable—40% and 60% respectively.