EUR/JPY bounces from major support

Recent week's depreciation was stopped by the major support level at 127.73 today. The price slightly gains and moves towards an intersection point of the weekly PP level and the monthly R2 level. Just above that, the 20-day SMA is located, which almost got flat and is ready to check strength of a downside movement. In case the pair gets under bearish pressure, the price will slip to the lower Bollinger band positioned at 126.81. However, this level should save from further depreciation as it would be the first intersection after an uptrend period.

Bulls and bears reached a deal, as both sides possess equal shares, while the exchange rate fluctuates in a long term channel. Pending orders segment has a bullish exposure, since 56% orders are long.