© Dukascopy Bank SA
- HiFX (based on The Australian)
Pair's Outlook
Pair started the week at 111.06 with the intention to advance even further, but did not manage to reach even the 2012 high at 111.43 and was dragged down to 110 JPY were it found some support and has been hovering slightly below Bollinger band since then. It seems that it is just the beginning of a longer bearish dip as the Stochastic and the RSI on daily and weekly charts send strong sell signals suggesting pair is up for correction after prolonged rally.
Traders' Sentiment
Even after Japan's parliament elections nothing has changed in the market perception during the weekend—63% of traders continue to hold short positions on the pair and 72% of traders have posted long (pending) orders on the pair.
© Dukascopy Bank SA