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"The combination of elevated risk aversion and disappointment over recent policy announcements, in particular the lack of detail about Prime Minister Abe's third arrow, has prompted ever more upside for the yen."
- Crédit Agricole (based on The Financial Times)
Pair's Outlook
Bollinger band did not manage to provided strong enough support for the pair and at the moment 94 JPY level is being tested. Monthly S2 might have stopping power to sustain the pair, but much more realistic target for the short traders should be with the 200-day SMA at 91.53. In case any of the support levels will give bullish impetus for the pair, resistance targets could be around 95 JPY and 97 JPY.
Traders' Sentiment
Number of bulls in the market decreased by 4%, but they continue to hold undisputed majority (71%) of all open positions. Same share of all pending orders belong to the bulls as well.
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