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"Investors are still cautious against Asian share moves, but they have confidence about Japanese stocks and U.S. stocks as they shift to industrialized markets from emerging markets."
- BNP Paribas (based on Reuters)
Pair's Outlook
Yesterday pair failed to consolidate above the 98 JPY where 100-day SMA and Fibo 23.6% (November, 2012, till May, 2013, move) can be found. If pair wont manage to advance above the mentioned area it is likely to dip to 94 JPY once more (as suggested by the short term technicals). In case the pair consolidates above the 98 JPY we could expect it to advance till 100 JPY in rather short term.
Traders' Sentiment
Traders maintain extremely bullish stance towards the pair. Long positions continue to account for 72% of all open positions on the pair. It is likely that we will continue to observe a market dominated by the bulls as 58% of pending orders are set to buy the greenback against the yen.
© Dukascopy Bank SA