© Dukascopy Bank SA
"The worst of the crisis may be behind us, but this is not an invitation to be complacent."
- Economic and monetary affairs commissioner (based on The Independent)
Pair's Outlook
As expected, the 55-day SMA failed the pair and at the moment it is hovering slightly above weekly S1/2009 high. We expect it to be eroded soon, but it is highly unlikely the pair would dip below 50% Fibo. In case, however unlikely, this happens in the short to medium term we might see a sell off till 136 JPY. If an unexpected recovery will be triggered at any point the pair should remain capped by the 55-day SMA.
Traders' Sentiment
It seems that bulls are keen to push their dominance even further. Their holding increased by a mere 1%, till 52%. However, bullish side of pending orders increased at least by 2% and is in 55-60% level today depending on the range around current market price.
© Dukascopy Bank SA