EUR/JPY consolidating around 137 JPY

Pair failed to consolidate around 138 JPY yesterday and dipped below 137 JPY. We are seeing some minor bullishness around here, but, taking in to the account what happened a few days ago, we are rather likely to see another dip. In  such case we should start eying cluster of levels around 135 JPY. Recovery, at least above 135 JPY, seems very unlikely at the moment and at best we could see a peak to 138 JPY and consolidation round it.

Bulls are abandoning the Euro further. Today 58%, 10% less than yesterday, expect recovery of the pair. Bullish side of pending orders, however, increased by 5-15% and is at 50-57% range.