EUR/JPY slips beneath the 20-day SMA

EUR/JPY pair gradually depreciates, as the price fluctuates in a down-sloping channel with the upper boundary at 124.90, where the 20-day SMA is located, and the lower boundary at 122.50, where it merges with the weekly S1. The most recent attempt to breach the 20-day SMA showed still weak bullish sentiments, as the price was unable to overcome the resistance, therefore the decline is likely to be proceeded.

Distribution between bulls and bears in EUR/JPY remains skewed to the buy side, as 58% of positions are long and 41% are short. Pending orders segment is also bullish, as 66% of waiting orders are buy and 34% are sell.