EUR/JPY increases from the weekly PP

EUR/JPY pair trades in a narrow range, as the price fluctuates between the monthly R1 at 126.16 and the weekly PP at 124.00 for a second week. The Japanese Yen lost its impetus against the major counterparts last month, as improving macro data made the U.S. Dollar the main player in the market. However, the pair would find a support at 123.12, where the 20-day and 100-day SMAs are located. In an upside scenario, the pair would bounce to a 1.2640 level, where the Bollinger band merges the monthly R1.

Bullish sentiments increase to 49%, but that is only a 1% change, indicating that traders are waiting for more action in the market. Pending orders segment is bullish with 67% of buy orders and 33% of sell.