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"The board members gave Kuroda's experiment a one-year moratorium. They decided to wait-and-see for a year. But now it's time of reckoning."
- Former BoJ board member (based on Reuters)
Pair's Outlook
The currency pair is decisively moving to its long-term goal at 110, as yesterday the US Dollar stabilised around the weekly resistance at 109. If the bearish pressure here is defeated, then the cross will continue moving to the north. To reach the 2014 high, the pair has only one remaining resistance line to breach in the nearest future, namely the weekly R2 at 109.69. And while daily indicators are mixed, the weekly ones assume the pair to gain strong value.
Traders' Sentiment
Pessimistic sentiment of the SWFX market continues to dominate, as already 65% of all opened positons are short at the moment. However, 62% of pending orders in 100-pip range are set to buy the Greenback versus Japanese yen.
© Dukascopy Bank SA