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"Market expectations of further action from the BoJ as early as this week's meeting are building, with the consensus looking for increased JGB purchases, possibly even covering longer maturities."
- Morgan Stanley (based on the Financial Time)
Pair's Outlook
Pair took a brake while trying to breach 112. Yesterday and today, it managed to briefly advance above this important psychological level, but monthly R2 yesterday and Bollinger band today were the main obstacles. It seems that for the time being pair lacks the catalyst which could push it further. Situation might be completely different next week, but for the time being we are likely to see it hovering between 111 and 112 JPY.
Traders' Sentiment
After bulls picked up yesterday, bears have entrenched and are stably keeping 58% of their open positions on the pair. Pending orders remain in favor for the bulls as they have posted 76% of all pending orders on the pair.
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