© Dukascopy Bank SA
- Sentix (based on Reuters)
Pair's Outlook
Pair started the week with a dip to 106 JPY, but quickly recovered and at the moment is hovering supported by 20-day SMA at 106.36. Technical indicators draw rather positive outlook on the pair as their aggregate signals point at appreciation of the pair on 1D and 1W horizons, but the Stochastic indicator on the 1W sends sell signal suggesting we might see a major bearish dip after bullish rally.
Traders' Sentiment
At the end of last week it seemed we will open the week with equilibrium between bears and bulls in the market, but short traders took a bite of the market and constitute for 57% of market participants. Pending orders suggest that bears will remain dominant in the market as well—60% of pending orders are to go short.
© Dukascopy Bank SA