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"We assume that NATO military action is still the likely scenario even if relatively limited in scope. Until there is more clarity, our bias is to keep positioning low at the moment."
- BNP Paribas (based on Reuters)
Pair's Outlook
Pair is appreciating for a second day in a row after receiving a bullish impetus from the 200-day SMA few days ago. At the moment it is testing weekly PP and seems it could recover all of this weeks losses in the nearest future. 55 and 100-day SMAs might cause the most difficulties for that suggesting that pair might remain between them and 200-day SMA for some time.
Traders' Sentiment
It seems that recent bearish trend has taken its toll on the market participants. Additional 2% of traders, 34% in total, are short on the pair. In addition, 40% of pending orders (+4% since yesterday) are set to sell then greenback against the yen.
© Dukascopy Bank SA