© Dukascopy Bank SA
- HSBC Securities Japan Ltd. (based on Bloomberg)
Pair's Outlook
Although yesterday in the morning the upside seemed limited, the price managed to mount 102 yen, thus closing above the monthly PP and alleviating some downward pressure. Nevertheless, the 55-day SMA stays intact, suggesting the near-term outlook remains negative and 100.80/70 is still a viable target. This support mainly consists of the 50% retracement of the 2012-2015 rally and monthly S1. Additional strong demand is seen at 100 yen, and for the time being this we consider to be the floor.
Traders' Sentiment
Apparently, bulls were encouraged by Dollar's performance, as their share increased further to 68% of the market. There is no consensus among the orders, however, since 49% are buy and 51% are sell commands.
© Dukascopy Bank SA