EUR/JPY steps down

After a temporary lull EUR/JPY has slipped and is now falling en route to the 100-day SMA at 119.36, which is also reinforced by the weekly S1 and a lower Bollinger band. Accordingly, we would expect a bounce from the area mentioned, although the rally is likely to be shallow. A subsequent support zone at 118.29/117.90 has a better chance of turning direction of the pair around.

Even though EUR/JPY started moving downwards, there is almost no difference between the amounts of long and short positions, which constitute 49% and 51% of the market respectively, just as last Friday. As for the orders placed on the currency pair, three out of four of them are to acquire the Euro.