© Dukascopy Bank SA
- Japanese Prime Minister Yoshihiko Noda (based on Bloomberg Businessweek)
Pair's Outlook
Pairs path on forming a clean double top pattern was cut short as it received strong bullish impetus from 100.55/54 which was enough to breach 101 JPY mark. This increases chances that pair will test, and most likely breach, 20 bar SMA at 101.26 pretty soon making Fibonacci retracement (23.6% of 25th of July-17th of September move) at 101.58.
Traders' Sentiment
After prolonged bearish moods in the market, distribution of holdings of short and long traders are in perfect equilibrium today. However, 75% of pending orders are to buy suggesting a strong support for the pair in lower levels and possible major shift in market sentiment in the near future.
© Dukascopy Bank SA