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Pattern started on 24th of July, 2012, when the pair dipped to 94.12; currently it is trading at 101.02; pattern's support is at 99.65. The Stochastic indicator on 1D horizon and technical indicators on aggregate on 1W horizon point at appreciation of the pair suggesting we might see a bullish correction in the near future and that pair might not fall below pattern's support. Current market sentiment is slightly bullish as 51% of traders hold long positions on the pair. Long traders could focus on the 200-day SMA at 101.26, weekly pivot (PP) at 101.65, 20-day SMA/weekly pivot (R1) at 102.84/86 and pattern's top (17th of September) at 103.86.
Technical indicators on aggregate point at depreciation of the pair on 1M horizon. In addition, 59% of all pending orders on the pair are to go short suggesting that traders are expecting minor bullish rally, but that pair will continue depreciating afterwards. Short traders could focus on the Bollinger band at 100.84, support area at 100.5, major level/weekly pivot (S1)/pattern's support at 100/99.65 and support area/weekly pivot (S2) at 99/98.66.
Main fundamental events which could have significant impact on pairs development in the near future are Japans Monetary Policy Statement and Overnight Call Rate released on 19th of November and Bank of Japan Press Conference on 20th of November.
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