© Dukascopy Bank SA
"The biggest reason to buy Japanese stocks today is that strong U.S. data boosted U.S. yields and weakened the yen. First-quarter earnings are pretty good. Investors are buying on dips even after some companies miss analysts' full-year estimates."
- DIAM Co. (based on Bloomberg)
Pair's Outlook
Pair is continuing to appreciate after receiving a bullish impetus from the Fibo 38.2% (end of May to mid of June move) yesterday. At the moment it is aiming at 100 JPY. Although short and medium term technicals give neutral outlook it is much more likely that this bullish momentum will persist. 100 JPY wont be an easy target of course, but should be breached in the nearest future.
Traders' Sentiment
Situation in the market remains pretty much the same as yesterday. Bulls continue to control 70% of all open positions; 64% (+7% since yesterday) of pending orders in their favour as well.
© Dukascopy Bank SA