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EUR/JPY: trading range shifts to 140/141

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"The Greek situation cannot stay unsolved for much longer, suggesting to us that the political noise level around this issue will remain high and therefore we stay cautious on trading the euro currently." 
- Morgan Stanley (based on Reuters) 


Pair's Outlook 
Despite expectations, the EUR/JPY currency pair managed to breach the 140 psychological level. Moreover, during the trading session, the pair even reached the 141 area, but was pushed down to 140.53. Today we expect a correction to take place after such a gradual rally. Although the nearest support lies at 139.25, namely the monthly R2, the Euro should retreat at least to the 140 major level. Technical studies, however, keep showing mixed signals in all timeframes, unable to confirm either scenario. 

Traders' Sentiment 
For the third time in a row bullish market sentiment remains unchanged at 52%. The number of orders to acquire the Euro broke out of the equilibrium and now takes up 41% of the market.
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