© Dukascopy Bank SA
- OECD (based on Reuters)
Pair's Outlook
Pair did not manage to extend its yesterdays gains as it met strong resistance with the 20-day SMA at 131.51 which sent the pair to a 100 pip dip; it already lost almost all of yesterdays gains. Technical indicators suggest that pair should attempt to breach the mentioned resistance once more, but should remain in a pretty much the same range as recently. Long term technicals, however, suggest that pair should maintain bullish trend which is evident for quite some time now.
Traders' Sentiment
Market sentiment is continuing to move towards the equilibrium, as share of outstanding short positions decreased to 54%. It seems that such trend should persist as 53% of all pending orders on the pair are to buy the single currency against the yen.
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