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-Bank of Tokyo (based on Financial Times)
Pair's Outlook
After posing for a recovery, pair continues to depreciate in rather moderate pace and currently it is trying to come back below important psychological level of 100 JPY. Signals from technical indicators are rather mixed and inconclusive and it seems pair is driven mostly by market sentiment. If it manages to breach currently tested, 100 JPY, level we could anticipate a sharp drop all the way to 99 or even mid 98.
Traders' Sentiment
Bearish sentiment on the pair persists strengthened by 9% since yesterday and at the moment 65% of all positions on the pair are short as JPY remains one of the most sold currencies across the board (71% of all cases). Amount of pending buy orders came back to previous week levels and is at 65% gauge today.
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