EUR/JPY aiming at weekly R1

Pair extended it's gains after jumping from monthly PP yesterday. We do not expect this trend to last much longer and failure ahead or at Feb high should be anticipated. This most likely will send the pair trailing till monthly PP. Dip below it, at this point seems very unlikely. In case of an unexpected peek above the Feb high we should see the pair testing 142.16/47 area shortly, but success of such action is questionable.

 

Situation in the market remains uncertain. Bullish side of open positions expanded by 2%, but overall distribution is 50/50. At the same time, bullish side of pending orders contracted by 5-10% and is at 50-55% level.