© Dukascopy Bank SA
- Insight Investment (based on The Wall Street Journal)
Pair's Outlook
Pair is coming it to the new year with low volatility and low trading volume, which leads to rather neutral outlook on the pair in the short term. However, quite a few "overbought" signals are coming due to the recent high at 114.68. Combined with expectation of major market participants this allows to expect that pair should be pulled back to 111 JPY area.
Traders' Sentiment
Although bears lost significant part of the market (16%), they continue to hold 57% of all positions in the market. It seems that triggering of significant share of long pending orders is responsible for this as their share decrease by 8% and they constitute for 58% of all pending orders on the pair.
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