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"Some members raised the point that it might be necessary for the bank to improve its policy measures further to enhance the influence of monetary policy on foreign-exchange rates."
- Bank of Japan Monetary Policy Meeting Minutes (based on MarketWatch)
Pair's Outlook
Right from the start of the session pair has been appreciating non stop and at the moment is hovering around 113 JPY. Pair might slowdown at some point in the future, but technical indicators and recent changes in market sentiment suggests there is a high probability that pair will continue to appreciate in short and medium term.
Traders' Sentiment
Traders are continuing to become more bullish towards the pair as only 52% of them hold short positions on the pair. In addition to this, 70% of pending orders on the pair are to go long suggesting we might see perfect equilibrium between the bears and the bulls anytime soon.
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