© Dukascopy Bank SA
- Bank of Slovenia Governor (based on The Wall Street Journal)
Pair's Outlook
Pairs was posing for a possible recovery, but failed the initial testing of weekly and monthly PP. Now it is back to 55-day SMA and it seems very likely to dip below it. In case that happens, 100-day SMA should push the pair back up again. If that does not happen it should trail to 130 JPY with a relative ease. If the pair unexpectedly advances above the weekly and monthly PP, it should breach 133 JPY to uplift most of the downside risk.
Traders' Sentiment
Although bulls keep retreating from the market it seems that bears just can't really take the upper hand. At the moment bulls account for 53% of market participants. On the other hand, that doesn't come as much of a surprise as majority (60%) of pending orders remain in favour of the bulls.
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