© Dukascopy Bank SA
- UBS AG (based on Bloomberg)
Pair's Outlook
Yesterday's peak above the monthly R1 was just temporary as it failed the pair and sent it down to 133.6. There it found support with the weekly PP and at the moment is hovering around 13 JPY level. Due to the neutrality in the short and medium term technicals, on aggregate and individually, it is hard to say if weekly PP could cause the pair to resume it's appreciation or if it just a temporary setback. In order to uplift most of this uncertainty the pair should either advance above September high or dip below 20-day SMA.
Traders' Sentiment
Traders are becoming noticeably more bearish on the pair. Short traders at the moment account for 64% of market participants. Bullish side of pending orders, however, increased by 9% and is at 72% gauge.
© Dukascopy Bank SA