EUR/JPY inching up higher

Euro continues to gain against the yen and at the moment is eroding weekly PP. If it manages to successfully do so, we can be pretty sure that 20-day SMA and 2009 high will not offer much resistance either. That would put at 140 JPY on the map. This major level, however, is expected to put substantial pressure on the bulls—dip till 138 JPY seems likely.

Market sentiment is largely unchanged. Distribution of open positions remained the same—at 54% being long. Pending orders remain almost equally distributed between the long and short traders.