EUR/JPY surges through the 20-day SMA

After a gradual appreciation, moving just above the 55-day SMA during last week, the pair skyrocketed and effortless broke through the 20-day SMA at 123.06. Currently the price is slightly below the weekly R1 level at 125.06, but it is likely to see EUR/JPY testing a 126.39 level, where the upper Bollinger band intersects the monthly R1. Also the pair is very close to a three year high, which is likely to be broken if the price steps above 127.95.

Bears enlarge their positions in the spot market, as the short positions' share increased to 54% and the long positions' share contracted to 46%. Pending orders concentrate on the buy side, since 61% are orders for a long position and 39% for a short.