© Dukascopy Bank SA
"Speculations about the Fed's decision are still keeping investors on the sidelines, so volume may be low. But Wall Street's optimistic stance on the Fed outcome is serving as a tailwind to Japanese stocks."
- Mizuho Securities (based on Reuters)
Pair's Outlook
After a slow but confident appreciation initiated by the monthly S2/Fibo 38.2% (November, 2012, to May, 2013, move) pair has met some resistance provided by the weekly PP at 95.8. it indicates that pair is still facing significant pressure. Only an unexpected rise above the 97.05 would give stronger indications about a possible recovery of the pair. For the time being the mentioned Fibo 38.2% with monthly S2 and 200-day SMA should be followed closely.
Traders' Sentiment
At the moment bulls hold 75% of all open positions in the market. It is second consecutive daily 2% increase. It is highly likely that such situation will persist as share of pending orders posted by the bulls increased as well (55% in total, +1% since yesterday).
© Dukascopy Bank SA