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- Westpac Banking (based ON The Wall Street Journal)
Pair's Outlook
After a major gain pair lacked momentum to reach 115 JPY and crumbled after reaching 114.68. As a result it dipped 80 pips already and at the moment is hovering around weekly R2 at 113.79. It seems that for the time being this dip will continue; pair might be range bound for some time as well (as we saw a week ago), but longer term outlook remains positive.
Traders' Sentiment
Going to the end of the trading week bears once again hold overwhelming majority of positions in the market—73% to be exact (+15% since yesterday). However, pending orders distribution remained the same and are still in favor for the bulls—66% of all pending orders are to go long.
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