EUR/JPY hovering above weekly PP

Pair is showing bearish intentions, but remains rather passive hovering above the weekly pivot (PP). Technical indicators suggest that in the short term pair should behave similarly, but in the medium and long term we should see it trying to reach a new high. From the current events in seems that's this might be spurred by the 20-day SMA and main obstacle for that might become the upped Bollinger band.

 

Market sentiment remains exactly the same as yesterday. Bears continue to dominate the market as they hold 63% of all outstanding positions. Share of pending orders, however, increased by 4% and at the moment 57% of them are to buy the single currency against the yen.