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- Commerzbank (based on CNBC)
Pair's Outlook
Pair started the week passively and at the moment is hovering below the monthly R1. As it should some bearishness today we expect this to be present theme in the short to medium term. However, if weekly s1 holds the initial test, we can expect the pair to be range bound for some time. Solid close below it might ignite a sell off till 2009 high slightly above 139 JPY. Short term peaks remain possible, but we do not expect it to advance above the recently formed 2013 high.
Traders' Sentiment
Bulls are increasing the pressure on the bears as their share of pending orders increased by 9% during the weekend and is at 79% gauge today. However, bulls continue to account for 40% (no change during the weekend) of all of the market participants.
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