© Dukascopy Bank SA
"The March consumer inflation numbers for the euro zone are important and we expect a soft reading, which will lead to expectations of a dovish ECB."
- Nomura (based on Reuters)
Pair's Outlook
Pair received a major bullish impetus from the 55-day SMA and jumped above 141 JPY today. At the moment it is aiming at 20-day SMA/weekly R1. We expect the pair to advance further and we could start looking at weekly R3 if it peaks above it. In case of a failure to do so, we could see the pair trailing till 140 JPY, but that seems rather unlikely at the moment.
Traders' Sentiment
We are receiving mixed signals from the traders. Bullish side of open positions expanded by 2%. Bullish side of pending orders contracted by 10%m till 45%, in 50 pip range, but expanded by 16%, till 55%, in 100 pip range.
© Dukascopy Bank SA