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"Share markets in Japan and the U.S. are overheating and need a quick correction. Investors are paring back their optimistic outlook for U.S. earnings."
- SMBC Nikko Securities Inc. (based Bloomberg)
Pair's Outlook
Pair did not manage to consolidate above the 100 JPY yesterday which caused the pair to dip below 99 JPY. However, today it seems that the pair is planning to test 100 JPY level once more some time soon. As we can see moderately strong indications about the pairs propensity to advance is indicated by the technical indicators on all relevant horizons. Short term dips should find support at 98 JPY.
Traders' Sentiment
Situation remains similar to yesterday. Bulls control 75% of all open positions on the pair and 54% of all pending orders are set to sell the greenback against the yen.
© Dukascopy Bank SA