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EUR/JPY to test 138.00

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"We have come a long way during the summer. The future of euro was at stake.... but now we've got a solution and will live with it." 
- Alexander Stubb, Finance Minister of Finland (based on Reuters)

Pair's Outlook 
On Wednesday, the European currency advanced against the Japanese Yen, with gains limited by the resistance at 138.70, namely the weekly R3. After appreciating for three consecutive days, the EUR/JPY cross is expected to undergo a correction today. However, a strong support around 138.15, represented by the upper Bollinger band, the monthly R1 and the major level of 138.00, is likely to prevent the given pair from falling deeper. Meanwhile, technical indicators retain their mixed signals, unable to confirm the bearish scenario. 

Traders' Sentiment 
Bulls keep pushing closer to equilibrium, as 49% of all positions are now long, whereas purchase orders account for 49% of the market.
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