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- Credit Suisse (based on Reuters)
Pair's Outlook
At some point pair was up by 75 pips today, but gave up the pace slightly before the first major resistance at 108.13 and has been range bound between 106.5 and 108 JPY for the past week. Technical indicators suggest pair will step up some more, however, it is rather important that both, on daily and weekly perspective, the Stochastic indicator sends sell signal implying pair has reached the limit of its upper potential.
Traders' Sentiment
Market participants switched sides completely for the second time this week as at the moment 63% of traders hold short positions on the pair. However, 60% of pending orders are to go long suggesting we might see one more major swing in market moods.
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