EUR/JPY struggling with weekly PP

Pair found support with the 2009 high after a sell off on Friday and at the moment is struggling with weekly PP. We expect it to hold and send the pair trailing lower. In such case, our short term target would be at 100-day SMA, which, in our opinion, could ignite at a least a minor rally. Peek above the weekly PP would not neutralise downside risk as it would be facing strong resistance around 141.5 and 142 JPY.

Market became noticeably more bullish. Bulls now hold 67%, 3% more than on Friday, of all of the open positions. Bullish side of pending orders increased by 10-15% and account for 54% to 71% (depending on the range) of all of the pending orders.