© Dukascopy Bank SA
- World Bank (based on Reuters)
Pair's Outlook
Pair seems to be consolidating after a sell off a few days ago and consecutive bounce from the 20-day SMA/weekly and monthly PP. It remains below the 134 JPY. It might be that May high at 133.82 might have some impact on that. As long as this continue the traders should focus on the 132.8. If the pair dips below it we could expect it to trail to 131 JPY. In order to uplift most of this downside risk the pair should advance above 134.2.
Traders' Sentiment
Distribution of outstanding positions remains at the same, 47% of bulls against 53% of bears, levels. Bullish side of pending orders, however, contracted by additional 4%, 8% in the last few days, and is at 62% gauge today.
© Dukascopy Bank SA