EUR/JPY still below 99 yens

EUR/JPY is continuing to trade in tight range and is likely to be kept below 99 mark as quite a few significant resistance levels are around 98.6. It is much more likely that pair will rebound and test markets reaction while depreciating as the closes major support level is quite a bit below 98.

Traders sentiment remains bullish after the weekend while 53% of traders are holding long positions on the pair. Amount of pending buy orders remains above 70% for fifth consecutive day suggesting that we might see a rally once a pair breaches a key level.