EUR/JPY jumps from monthly R1

After opening below the 100-day SMA, the pair received bullish impetus from the monthly R1 and at the moment is aiming at 55-day SMA/weekly R1. However, we expect this to be just a one time occurrence and that bearish trend, which started last week, will persists. Weekly S1/50% Fibo (Jan to Feb sell off) is expected to be tested in the shot to medium term.

Situation is a bit dubious at the moment. Open positions remain around 50/50 distribution. Bullish side of pending orders contracted by 5-10%, till 60%,, depending on the range around current market price, after expanding by 2-3% a few days ago.