EUR/JPY strengthens from weekly PP

EUR/JPY pair reverses last few trading sessions' loss, as the price advances today from the weekly pivot point level at 129.14. The currency pair is above the 20-day SMA for almost a week, as positive German manufacturing data damped speculation that the European Central Bank will cut interest rates soon. If positive sentiments maintain their positions further on this week, the price might step to the upper Bollinger band at 130.75 or even the weekly R1 at 131.24.

Market is rather bullish on the pair, as the majority of investors (64%) possess short positions. Seems that market views current highs as reasonable and considers a downside move as more possible. Pending orders market hovers around equilibrium, since currently 51% of orders are short.