© Dukascopy Bank SA
- Bank of Tokyo-Mitsubishi UFJ Ltd. (based on Bloomberg)
Pair's Outlook
Among the nearest resistances, neither the weekly R1 at 143.12 nor the weekly R2 at 143.96/91 are expected to hinder the current rally. However, the up-trend line at 145.18/04, which has been in place since the end of 2011, is likely to encourage profit-taking, which might result in a slide down to 142.16/141.77, though 2009 highs at 139.62/03 also may successfully underpin the pair.
Traders' Sentiment
While the distribution between the long and short positions is more or less the same as on Dec 24—59% to 41% respectively, the situation with orders is completely the opposite of what was observed during the previous report—the orders to sell are now in a distinct majority with 66% of the total amount.
© Dukascopy Bank SA