© Dukascopy Bank SA
- Japan's Central Bank (based on Bloomberg)
Pair's Outlook
The pair has been consolidating below the monthly PP at 141.70 and above the 20-day SMA for the seventh day. We expect the 18-nation currency to appreciate and to close above the monthly PP as the daily technical indicators are also getting less bearish. However, if the pair slips below the 55-day SMA at 141.32 then some slight decline further is expected.
Traders' Sentiment
Even though the share of shorts (45%) is presently just at 30-day average, the sentiment with respect to the U.S. Dollar is largely bullish. Concerning the buy and sell commands placed 50 pips from the spot, their numbers are almost identical at the moment—51% and 49% respectively.
© Dukascopy Bank SA