© Dukascopy Bank SA
"Instead of being driven by fundamentals, the yen and the stock market are moving in relationship to each other this week, as investors adjust their positions ahead of the Easter holiday."
- Sumitomo Mitsui Trust Bank (based on Reuters)
Pair's Outlook
It seems the pair has stabilized above the 55-day and 100-day SMA; however, at the same time it is struggling to break the weekly R1 and monthly PP that is just 15 pips higher at 141.70. We expect the 18-nation currency to extend its advance towards at least the major level at 142. Despite the fact that it has appreciated just slightly this far, the 55-day and 100-day SMA should push the pair higher.
Traders' Sentiment
Market sentiment remains unchanged as bears continue to hold 52% of all of the open positions on the pair. Bullish side of pending orders, however, contracted by 6-8% and is at 40-48% gauge today depending on the range.
© Dukascopy Bank SA