© Dukascopy Bank SA
-Amundi Japan Ltd. (based on Bloomberg Businesweek)
Pair's Outlook
Pair continues to depreciate, but it seems that 100 JPY level wont give up that easy as currently pair is stuck at uptrend support (connects 24th of July and 5th of September) right below it at 99.93. It is plausible we shall see a minor bullish correction/pullback to 20 bar SMA at 100.642, but after that pair should resume depreciating to levels around 99.000.
Traders' Sentiment
Traders switched sides today—at the moment 61% of traders hold long positions on the pair in contrast to 65% of short positions yesterday. In addition, 80% of pending orders on the pair are to buy so we might see significant strengthening in bullish sentiment in the future.
© Dukascopy Bank SA