EUR/JPY approaches the monthly R2

EUR/JPY pair recovered bullish sentiments today, as the price increased from the weekly S2 at 125.85 to the monthly R2 at 128.45. Seems that data from China did not hurt a risk appetite and investors are keen to buy higher yield assets. The closest resistance level is the weekly pivot point at 129.25, but opening a trade positions should be considered a level located at 130.87, where the monthly R3 merges with the weekly R1.

SWFX market participants enter bullish positions more actively, as the buy side increased by 4% and reached 44% in total. Pending orders market is concentrated on the buy side, as 59% of orders are long, indicating risk-on investment sentiments in the market.