EUR/JPY peaks above 140 JPY

Pair attempted to advance above the 140 JPY, but failed to do so and is back trading slightly below this mark. We expect further bullishness of the pair, but it seems that monthly PP/ Fibo 38.2% is not willing to give up easily. Continuous failures here should undermine the confidence of the bulls which in turn might ignite a minor selloff. In such case the pair might dip below the 138.90/47, but is likely to recover soon after.

Market sentiment itself remained almost unchanged—bullish side decreased by 3% and is at 52% gauge today. Bullish side of pending orders, on the other hand, contracted by 40% and accounts for 20-25% of all of the pending orders in various ranges.