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- RIA Capital Markets (based on Reuters)
Pair's Outlook
Pairs rally was stooped by the resistance line at the 129 JPY. At the moment it is being supported by the monthly S1/100-day SMA at 127.4 JPY. Technicals point at the failure of the pair on the short term. Pair might dip to the recent low at 125.4 JPY. It might become the driver behind the pairs recovery (as suggested by the long term technicals).
Traders' Sentiment
Volatility in the pair persists in the new week as well. However, distribution of open positions remains rather neutral as bulls hold 52% and bears 48% if all open positions. Distribution of pending orders does not suggest that any of the sides could gain a significant upper hand. Bulls have posted 54% and bears 46% of all pending orders.
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