EUR/JPY keeps recovering from 145

As EUR/JPY did not settle beneath 146 but quickly rebounded from 145, the short-term outlook towards the pair remains positive. The immediate resistance is represented by the 20-day SMA, while a round level of 148 is likely to be a more serious obstacle for the bulls en route to 150, so far this year's highest point. The positive bias is also strengthened by the longer-term technicals, especially on the weekly chart, where five out of eight indicators give ‘buy' signals.

The difference between the amounts of bullish and bearish market participants remains insignificant, only eight percentage points in favour of the latter. Similarly—there are a little more sell orders (55%) than there are buy ones (45%).