© Dukascopy Bank SA
- European Central Bank Executive Board member (based on Bloomberg Businessweek)
Pair's Outlook
In the beginning of the week pair showed clear intentions to test and , potentially, breach weekly R1. But today we cans see that the bulls gave up even before even touching the actual level. At the moment it is trading even below the last weeks closing and this weeks opening levels. Pair should find support with 132.7 or 131.9. However, if both of these would fail, it would put immense pressure on the 131 JPY. In case the pair bounces from any of the mentioned levels, 134.2 and 134.9 would be main interim targets.
Traders' Sentiment
Situation in the market has changed insignificantly. Distribution of the open positions switched from equilibrium to minor bearish advantage (51% vs. 49%) . No change observed in the distribution of pending order as 70% of them are set in favour of the bulls.
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