EUR/JPY approaches triangle's apex

EUR/JPY is about to break out of the triangle it has been forming since the end of 2014, and Thursday's ECB press conference could serve as a catalyst. The upside is currently limited by the monthly R1 and down-trend at 137 yen. A close above this resistance will mean a long-term recovery en route to the June high at 141 yen. Meanwhile, the downside is limited by the 200-day SMA, monthly PP and up-trend at 134.50 yen. Violation of this support will imply a sell-off through the Sep low and down to the Apr low at 126 yen.

Bears enhanced their advantage over the bulls, and now their share amounts to 61%. The portion of the sell orders, on the other hand, fell from 55 to 39%.