EUR/JPY lingers at 115.22/73

EUR/JPY is slowly losing its pace of appreciation ahead of a confluence of resistance levels at 115.22/73. This means a sooner correction than initially expected. The price could easily pull back to 113.17, but should not extend the dip beneath 112.13/111.43, otherwise it may endanger the positive outlook, which is also implied by near-term technical indicators.

The balance between long and short positions on EUR/JPY has been distorted, as the share of the bulls has increased up to 54%, while the portion of bears diminished to 46%. The picture is much clearer with pending orders, 71% of which are to buy the Euro and only 29% are to sell it against the Japanese Yen.