EUR/JPY reaches 142.50

EUR/JPY has broken weekly R1 at 142.28 and the pair is trading above 142.50 at the moment. We expect it to appreciate towards 143, where it will face weekly R2 and Bollinger bands. However, if the pair breaks this level and stabilises there with a close above 143, then it might head towards February's high at 143.79. It is possible that the resistance at 143 will be too much to take and then the pair might fall below 142 again.

The SWFX market participants' sentiment towards EUR/JPY has remained unchanged as 47% of them are bullish. Concerning the orders, there are now more orders set to sell – 75% after yesterday's 61%.