EUR/JPY demonstrates bullish bias

During the last week the pair consolidated around 2009 high at 139.24 and swung between monthly PP at 140.10 and 100-day SMA. Today EUR/JPY is trading around the same levels as it has found a strong support at 20 and 100-day SMA at around 139. We expect that the pair might gain momentum and try to breach monthly PP/weekly R1. If the peer succeeds and consolidates above it we could see an attack on weekly R2 at 141.01 and possibly even 55-day SMA at 141.25.

Distribution of open positions remains almost equally distributed between the long and short positions. Only noticeable change is seen in distribution of pending orders in 100 pip range from current market price. It increased from 60% to 70%.