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"The BOJ decision was within market expectations. Upgrading the economic outlook met the market consensus, too."
- Mizuho Trust & Banking Co. (based on Bloomberg)
Pair's Outlook
100-day SMA managed to stop pairs 300 pip dive and it seems it might push it a bit higher as well. Strong support for such scenario is coming from the reading of the technical indicators. However, for the time being pairs advances should be capped by the 100 JPY level; further dips should find support with the Fibo 38.2% (end of May till mid-June sell off) at 0.975.
Traders' Sentiment
Even already being strongly bullish on the pair, market participants managed to push even further. Share of bulls increased by 3% and is at 75% gauge today; amount of pending orders posted by the bulls increased by 3% as well and is at 55% today.
© Dukascopy Bank SA