© Dukascopy Bank SA
- Commonwealth Bank of Australia (based on Bloomberg)
Pair's Outlook
For now the bulls seem to be unable to overcome the resistance at 105, even though the technical studies are in favour of a rally on all relevant time-frames. But eventually the buying pressure should prevail. Once the 2014 Q1 high is out of the way, the monthly R2 and weekly R1 around 106 will be the next objective, though we may see a pull back to the demand area at 104 (2014 Q2 high) before this happens.
Traders' Sentiment
There is still no significant difference between the amounts of long and short positions—they take up 47 and 53% of the market respectively. Concerning the orders, 65% are set to purchase the Greenback against the Yen.
© Dukascopy Bank SA