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- Norinchukin Research Institute (based on CNBC)
Pair's Outlook
Although the rising trend-line that secured an up-move failed to stay intact, the sell-off did not extend beyond the support at 102.66/30 and already all of the yesterday's losses have been erased. However, the risks are now skewed to the downside, and the outlook will remain negative unless the currency pair rises above the resistance at 103.11 in the nearest future.
Traders' Sentiment
The difference between the amounts of long and short positions keeps on increasing. The percentage of bets on the U.S. Dollar's appreciation advanced from 59% to 61%. The ratio between the buy (84%) and sell (16%) orders, in the meantime, is almost unchanged.
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