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- UBS (based on Market Watch)
Pair's Outlook
Earlier in the day pair managed to step up to 110 JPY, but as expected this psychological level introduced too much of a resistance for the traders. After this pair was trading rather erratically, but general trend seems to be bearish as pair dipped as low as 109 JPY. However, after initial bearish impetus pair is showing signs of recovery and it would not be much of a surprise if pair would attempt to advance above 110 JPY once more in the beginning of the new week.
Traders' Sentiment
Bearish moods continue to dominate in the market as 63% of traders continue to hold short positions on the pair. However, we might see a significant swing in market moods as astonishing 83% of traders posted orders to go long.
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