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- Silvio Berlusconi (based on The Telegraph)
Pair's Outlook
Pair has been appreciating ever since it hit 110 JPY and at the moment it is testing monthly R2 at 112.36. Pair has had a very impressive rally for quite some time now and it raises a lot of suspicions that pair is way in the overbought area and the only questions is how long till bearish correction. Especially taking in to account that it breached yearly high at 111.42 very easily and the Stochastic and the RSI indicators send sell signals for quite some time now.
Traders' Sentiment
Bearishness might be starting to leave market slowly as amount of short traders in the market decreased by 6% and is at 58% mark today. In addition to this, amount of pending buy orders increased by 9% and account for 80% of all pending order.
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