© Dukascopy Bank SA
-Commerzbank (based on The Economic Times)
Pair's Outlook
Pair rebounded after unsuccessful attempts to breach cluster of support levels around 100 and is currently range bound between 100 and 101 as there is no other major support levels there. This bullish rally should last at least until the pair reaches already mentioned major level/20 bar SMA at 101/101.034.
Traders' Sentiment
JPY is still one of the most sold major currencies across the board being sold at 72% of all cases. The SWFX sentiment on the pair is still bullish as 68% of positions on the pair are long. Share of pending buy orders (62%) suggest a further strengthening in bullish sentiment in the future.
© Dukascopy Bank SA