EUR/JPY trades close to the weekly PP

EUR/JPY pair depreciates from the monthly R1 level at 126.16, as a bearish pressure was too big to allow the extension of last week's bullish trend. The pair is bounded by the 100-day SMA at 122.61 from below and the Bollinger band, together with the monthly R1, from above. The pair fluctuates in this range for more than a month, meaning that a settlement on the other side of one of these levels would indicate a trading signal.

Bulls lose their positions, as their share contracted to 48%. Pending orders market experiences a high degree of bullish sentiment, as 71% of orders are placed for a buy position and only 29% for a short one.