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- Bank of Tokyo-Mitsubishi (based on Reuters)
Pair's Outlook
Pair has been appreciating ever since unsuccessful attempt to fall below 103.13/103 area. At the moment it seems it is preparing for one more attempt to advance above 104.55. Although technical indicators suggest pair might succeed this time it should not stay above the mentioned level for long as Bollinger band is likely to stop pairs advance.
Traders' Sentiment
Amount of bears increased by additional 2% since yesterday (7% this week) and is at 58% mark as JPY remains the most sold (in 74% of all cases) major currency across the board. However, share of pending buy orders is at 57% suggesting that bulls might gain majority of the market soon.
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