© Dukascopy Bank SA
"When a central bank is printing money, the canvas on which we paint our forecast would be one of currency weakness. Bearing in mind the Bank of Japan's plan is to double its balance sheet, they would probably want it to continue to weaken, but maybe at a gradual rate which doesn't frighten its peers."
- Banco Santander (based on Bloomberg)
Pair's Outlook
Pair did not manage to consolidate above the 101 and it might be that we wont see it testing 103.7 soon. However, there still remains a chance that major level at 100 JPY will provide significant bullish impetus for the pair and it will resume appreciating. Short term rallies should remain capped by the 102.1 JPY.
Traders' Sentiment
It does not seems that anything could crumble the commitment of the bulls. 73% of traders remain long on the pair. 55% of all pending orders were posted by the bulls as well.
© Dukascopy Bank SA