© Dukascopy Bank SA
- BNP Paribas (based on Reuters)
Pair's Outlook
The currency pair appears to have difficulties with climbing over 104.92/68, which is mainly formed by the 2008 January low and the up-trend line (in place since November). Still, taking into account technical studies, bulls should overpower bears and send the price closer to the monthly R1 level at 106.57, even though there are also resistances at 105.54/51 and at 106.17.
Traders' Sentiment
Most traders continue to expect debasement of the U.S. Dollar relative to the Japanese Yen—there are 28 percentage points more bears than there are bulls in the market. In the meantime, in the area of 100 pips from the spot 67% of orders are to acquire the greenback.
© Dukascopy Bank SA