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"As a result the market judged that the prospects of further ECB monetary stimulus this cycle had diminished."
- Rabobank (based on ABC News)
Pair's Outlook
Pair extended it's gains further and eroded resistance at 144.39 today. We expect it to take a step back ahead of 2013 high and consolidate around 144 JPY. At the moment it seems doubtful if we will see an attempt to advance above the 2013 high at all as short and medium term technicals shows that the pair might be oversold.
Traders' Sentiment
We saw a noticeable increase in bullishness in the market. Open positions remained almost in perfect equilibrium, but 3% increase in bullish side is largest changes in the whole week. Besides that, long side of pending orders increased by 30-40%, till 60-70% depending on the range.
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