© Dukascopy Bank SA
© Dukascopy Bank SA
-SEB (based on Khaleej Times)
Pair's Outlook
Pair bounced from uptrend resistance (connects July 27th high and 7th of September high) at 1.0149, but did not mange to advance above 200 bar SMA at 102.155 and is currently at Fibonacci (23.6% of move since 24th of September) at 101.560. Technical indicators suggest that pair will appreciate in the near future which is believable due to traders sentiment on the pair. However, advance is likely to be choppy due to quite a few significant support levels up to 102.5.
Traders' Sentiment
Japanese yen is currently the most sold currency across the board (75% of all cases). After bulls kept loosing ground for three days in a row, market sentiment is in perfect equilibrium between the bulls and the bears today. However, the same as yesterday, 69% of pending orders are buy orders, suggesting that we might see a major shift in traders sentiment in the near future.