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"No action means developments in markets are at an acceptable level for Kuroda."
- JPMorgan Chase & Co. (based on Bloomberg)
Pair's Outlook
Pair is being supported by a cluster of levels located from 98 to 97 JPY. At the same time it is facing resistance from 100 JPY area. If the pair will manage to advance above it (primarily by breaching 20 and 55-day SMAs), which seems doubtful at the moment, we could consider recent high at 103.7 (monthly R1 as well) as a new target. In case of failure to breach this level pair is likely to remain bounded in 100 and 98 JPY area.
Traders' Sentiment
Share of long traders in the market is rather stable at a 70-75% range. Amount of pending orders posted by the bears increased by 5% since yesterday, however, majority of them (57%) still belong to the bulls.
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