© Dukascopy Bank SA
"From here, traders, like the Fed, will be looking to the data to suggest the timing of the next move."
- CMC Markets (based on MarketWatch)
Pair's Outlook
After a 200 pip dip in the end of the last week, pair found support with monthly PP and has been trading around it for the past 4 days. It seems that such neutrality is likely to persist further, although, judging from market sentiment dynamics, we might see some short term rallies which should be capped by 99.6/100.00 JPY. In case pair receives bearish impetus and 97.5 JPY fails to provide enough of a support, there is a chance it might trail down to 94 JPY.
Traders' Sentiment
Bulls are maintaining a tight grip on the market—they account for 74% or market participants. However, for the first time in almost two weeks majority, even if slim, of pending orders (52%) are set to sell the greenback against the yen.
© Dukascopy Bank SA