EUR/JPY trades around 100-day SMA

As expected the pair has received impetus from major 140 level and yesterday it already breached 141 level. At the moment of writing the pair is trading just above 100-day SMA and we expect that most likely this support will be strong enough to hold the pair above 141. To move higher the pair has to break monthly PP at 141.70; although, we expect that the pair might consolidate around that level.

Market sentiment remains unchanged as bears continue to hold 56% of all of the open positions on the pair. Concerning the orders placed 100 pips from the spot, there are now more commands to buy – 45%.