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- Nomura International Plc. (based on Bloomberg)
Pair's Outlook
Pair continues to appreciate after a bounce from the October low/monthly S1 and at the moment is aiming at 55-day SMA/monthly PP. However, as we do not get clear bullish signal from the short and medium term technicals we do not think that the pair will manage to advance above it with ease. In order to neutralise the risk of the double dip the pair should advance above 133.68. If it dips below 131.28 we might see a sell off to 130 JPY.
Traders' Sentiment
Situation in the market is rather uncertain at the moment. It is so since bears hold only slim majority (51%) of open positions, but same share of pending orders are set in favour of the bulls. All in all, virtually there is no difference between the long and short traders in the market.
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