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"Looking forward, we expect no major shift in [dollar] sentiment today despite a number of data scheduled for releases, as investors are set to stay cautious with one eye on the Syria development ahead of the G-20 meeting starting tomorrow, and the other on the jobs reports later this week."
- Crédit Agricole (based on MarketWatch)
Pair's Outlook
Pair seems to have slowed down just before the 100 JPY. Short term stochastic sends sell signal suggesting we could see a minor sell of to 98.7 or 98.0 JPY. Long term outlook is positive and consolidation above 100 JPY would put 101 and 102 JPY resistance levels on the map. Failure at 98 JPY could provoke losses to 95.5 JPY.
Traders' Sentiment
Bulls seems to be recovering and slowly taking back control of the market. At the moment they hold 59% of all open positions, however, that is still a 16% decrease in the last few days. Distribution of pending orders became noticeably more bullish as well—65% (+9% since yesterday) are set to go long.
© Dukascopy Bank SA