EUR/JPY starts week passively

Pair started the week with an attempt to step up above 122.75, however, unsuccessfully. In any case, daily technicals point at further appreciation of the pair suggesting that expectations of major market participants (114 JPY for the first quarter of 2013) wont be met any time soon. Weekly technicals send mixed signals supporting the idea that pair might trade sideways for some time as this was happening rather often lately.

 

Week starts with traders being pretty much in same moods as the week before—74% of them remain short on the Euro versus the yen. We should not see much of a change anytime soon as pending orders are almost equally distributed between long and short traders.