© Dukascopy Bank SA
-Credit Agricole (based on Reuters)
Pair's Outlook
Pair has formed a neat double top pattern and continues its move towards patterns support in 100 JPY area. Although bearish impetus after peaking at 102.798 was rather strong, but pair should face significant difficulties while trying to breach support levels around 101 JPY (uptrend support connecting 24th of July and 5th of September lows). After this stop pairs bearish dip should be continuous.
Traders' Sentiment
Traders are holding on to short positions one the pair—market sentiment is bearish at 54% mark for the third straight day. Distribution of pending buy and sell orders does not suggest any changes as it is in perfect equilibrium.
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