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"As a trend, exports are recovering and will keep growing because the positive effect of the weak yen will strengthen in coming months."
- Dai-ichi Life Research Institute (based on Reuters)
Pair's Outlook
Pair started the week in a rather calm manner and at the moment is trading capped between 20-day SMA and weekly PP. As short and medium term technicals indicate the pair is continuing to face downside risk and seems likely to maintain bearish stance. A dip to 96.4 JPY some time soon seems rather plausible, but 95 JPY does not seem to surrender easily. All of bearishness could be disregarded in case the pair closes above the 99 JPY.
Traders' Sentiment
Pair is maintaining mildly bearish trend, but market sentiment remains mostly unchanged and bullish for that matter. 74% of traders, same share as on Friday, remain long on the pair; 61% (+3% since Friday) of pending orders are in their favour as well.
© Dukascopy Bank SA