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- Commerzbank (based on Reuters)
Pair's Outlook
Pairs bearish dip has extended to the third day as at the moment it is being supported by monthly pivot (R1) at 105.48. It is rather plausible that losses on the pair will extend further and we should see an attempt to fall below 105 JPY in upcoming few trading sessions.
Traders' Sentiment
Uncertainty regarding pairs future is still present in the market as there is almost equal amount of bears and bulls in the market. Distribution of pending orders suggest some of a relief as 60% of all pending orders on the pair are to go short.
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