EUR/JPY skyrockets above 142 JPY

Pair showed substantial gains after the ECB's benchmark rate decision was announced and at the moment is consolidating above 142 JPY. We expect it to take a step back ahead of weekly R3 and spend some time consolidating below it. Afterwards we should expect to see another attempt to push the pair higher. If it breaches weekly R3 this week, and as it is unlikely monthly R2 will cause major problems we should start looking at 2013 high.

 

Bullish side of open positions once again contracted by 2% and is at 48% level today. But, what is really important, the bullish side of pending orders diminished by 20-25% and is at only 30-35% range today.