© Dukascopy Bank SA
-Tachibana Securities (based on Bloomberg Businessweek)
Pair's Outlook
Pair did not manage to advance far above 104 and received a bearish impetus slightly before first resistance level at 104.55. It depreciated by slightly more than 150 pips since then and at the moment is hovering around 103 JPY mark supported by weekly pivot (PP)/20 bar SMA. Pair should step up a bit higher and return back to 103–104.5 range.
Traders' Sentiment
Amount of bears in the market in creased by 11% since the start of this trading week and is at 60% today. Amount of pending buy orders has been increasing as well—today it is at 59% gauge offering counterweight for market sentiment.
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