EUR/JPY dips till monthly R1

Pair's bulls tried to push the pair lower, but hit the monthly R1 which proved to be too strong of an obstacle for them. We should remain cautious, but it is unlikely we will see any strong bearish action for the time being. However, a dip below weekly PP could provoke a sell of till 141 JPY. At the same time we should not anticipate any major bullish moves either. At most, we might see the pair peaking till 144 JPY in the short term.

 

Bears are eroding the strength of bulls further. Their share of the market increased by additional 1%, till 45%, since yesterday. Bullish side of pending orders in 50 pip range, however, expanded by 11%. Overall around 56% of pending orders are now set to go long.