EUR/JPY stalls at 146.50

EUR/JPY seems to have found reliable support near 145 (weekly PP and monthly R2), meaning it should soon re-challenge and then surpass the current maximum at 146.50. This will open a path towards the minor resistance represented by the weekly R1 at 147.90, which in turn is guarding a dense supply zone near 149.40, created by the weekly R2, monthly R3 and, most importantly, by the lowest trading level in 2007.

The percentage of short positions remains above the 10-day average—as many as 65% of traders expect to profit from Euro's depreciation against the Yen. Meanwhile, 75% of pending orders placed 50 pips from spot are to buy the common currency.