EUR/JPY struggles with the monthly and weekly R1

Pair took a step back ahead of the monthly and weekly R1, but does not seems to be giving up yet. It is very unlikely this area and relative new (2013) high will be challenged until the end of this trading week. We are much more likely to see some action in the beginning of the new week. In case of an unexpected rally, as it is rather obvious the pair is facing substantial pressure, it should advance above the 143.5 JPY in order to uplift most of this downside pressure.

Virtually there is no change in the market sentiment. Bulls continue to hold 40% of all open positions, the same as yesterday. Bullish side of pending orders is at 69% gauge today, which is just 1% less than yesterday.