EUR/JPY hovers near the 100-day SMA

EUR/JPY is under a bearish pressure for a second week, as the price depreciates from the interception level of 20-day and 55-day SMAs at 123.12. The pair dropped to the lower Bollinger band and moved along the band in recent week, but was stopped by the 100-day SMA at 119.60. Seems that this level might create more sustainable support for bears and ease the bearish pressure at least for a while. The closest support is located at 119.02/118.29 area, where the weekly and monthly S1 merge with the Bollinger band.

The ratio of bulls and bears distribution fluctuates around an equilibrium, as today the buy side slightly slipped beneath a 50% benchmark and accounts for 49.6%. Pending orders market signals about a bullish trend, as 61% of orders are buy.