EUR/JPY advances; pairs losses

Bullish correction in EUR/JPY continues as the EU leaders discuss the creation of the banking union in Europe. In case bullish reversal accelerates, the initial resistance level is likely to be placed at 99.47 (R1 Weekly), followed by 101.42 (initial resistance line) and 103.74/53 (55-day ma; R1 monthly).

Traders' sentiment maintains bullish bias today on EUR/JPY with as the largest number of positions (71%) are being held by bullish traders. Within 100-pips range, the majority of currency traders expect the pair to continue further advancement (78%).