EUR/JPY trades sideways

As expected pair continues to show no bias and trades sideways. We expect it to continue consolidating around 141 JPY this trading week and that major moves could be expected only in the beginning of next week. Only a peak above monthly R1 or dip below 55-day SMA could provoke the pair to try to reach new high or trail till 139 JPY.

 

Bulls took a major hit today. At the moment they account for 47% of market participants, that is 3% less than yesterday. Besides that, long side of pending orders contracted by no less than 7% and is at 38-50% level depending on the range.