EUR/JPY picks up pace again

Pair has bounced and is likely to test weekly R1 at 99.002 again. However, it is rather unclear if pair will manage to do so as outlook in short term remains only mildly positive and highly negative in the medium term.

The SWFX market sentiment weighted the scales in slight favor for the bulls as 54% of traders are holding long positions on the pair. Distribution of pending orders shows that 60% of traders have posted buy orders in 100 pip range from current market price indicating a possible mild strengthening in bullish sentiment in the near future.