© Dukascopy Bank SA
- HSBC (based on Reuters)
Pair's Outlook
After a minor tip toe of 33 pips yesterday pair is hovering slightly below 104 JPY. It seems It is planning to stay there for some time more, but Stochastic indicator suggest pair is oversold and bearish dip is just around the corner. However, longer term technicals and support levels allow us to believe that dip should not be much further than 103 JPY.
Traders' Sentiment
Bears gained some ground during the weekend and at the moment they constitute for 54% of traders in the market. However, distribution of pending orders which is in favour for the bulls (54% of all orders) suggest market sentiment can return to perfect equilibrium as in the end of last week.
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