EUR/JPY depreciates further

Pair extended it's losses further after failure around 145 JPY yesterday. At the moment it is trading around 142.5 and seems to be setting up for further depreciation. We expect to see at least some bullishness around 140.60 to 140.0 JPY, but it is unlikely we will see a reversal. It seems reasonable that the pair just will stall and trade sideways above that area, as it did a few weeks ago.

  

Market sentiment remains similar to the one yesterday, bears continue to hold mild majority, this time 53%, of all open positions. Bullish pressure, in the form of pending orders, however, decreased substantially—from 70%/80% to 47%/39% depending on the range around the current market price.