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"Exports are picking up with the U.S. economy performing well and Europe bottoming out while the dollar remains just below 100 yen. Domestic consumption remains steady as well with an increase in public works and housing demand."
- NLI Research Institute (based on Reuters)
Pair's Outlook
Pair has been trading between 98 and 99 JPY for quite some time now. Noticeable neutrality in the individual short term indicators suggest that similar trend should continue in the nearest future. Rise above the 99.31 JOY would put 100 JPY which remains the most important interim target dues to it's psychological effects and long term technicals. Dip below 98 JPY and breach through 200-day SMA could provoke a failure to 95 JPY.
Traders' Sentiment
Bullish market sentiment once gain returned to pass 70% levels. Long traders now account for 73% of all market participants. In addition to this, 72% of all pending orders are set in the favour of the bulls as well.
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