EUR/JPY bounces from 100.174

Rather unexpectedly pair appreciated by almost 150 pips after receiving a push from Fibonacci retracement (38.2% of 25th of July-17th of September move) at 100.174. Currently it is testing Fibonacci retracement (23.6%)/weekly PP at 101.582. Although we should see at least a minor bearish correction (probably to a 101/101.12 level) after such a rapid move, technical indicators allow us to believe that appreciation of the pair should last for some time more and the pair should test 102.00/102.11 next.

For the second day in a row distribution of open long and short positions on the pair are in perfect equilibrium. Amount of pending buy orders on the pair dropped from 75% to 57% today, suggesting uncertainty about pair's future.