© Dukascopy Bank SA
- CIBC (based on Reuters)
Pair's Outlook
After bouncing from cluster of support levels at 100.205/100 pair is currently hovering slightly above 20 bar SMA at 100.824. Although Stochastic indicator suggests that appreciation of the pair should last a bit more, pair faces significant downside risk and another attempt to breach 100.205 should not be a surprise this week.
Traders' Sentiment
Bearish sentiment on the pair persists (56% of short positions; +1% since yesterday) as JPY is one of the most sold currencies across the board (75% of all cases). Amount of pending buy orders dropped significantly (-11% since yesterday; 54% currently) suggesting a strengthening bearishness in the market.
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