© Dukascopy Bank SA
"Selling the yen is one of the most popular trades in the market as […] Japan is so keen on seeing a further currency depreciation. We will keep this position until we see any sign of strong criticism from other major economies."
- Amundi (based on The Financial Times)
Pair's Outlook
For quite some time now pair has been opening the week with up to 100 pip dips and picking up again after that. This week does not seem any different. At the moment pair is testing weekly PP which unexpectedly is causing serious trouble for the pair. In any case, aggregate signals coming from technical indicators are rather clear and point at further appreciation of the pair suggesting that 93.5 and 94.5 will be tested quite soon.
Traders' Sentiment
Bears took back some of the positions in the market after the weekend, but bulls continue to dominate as they account for 64% of market participants. Such situation is not likely to change as 70% of pending orders are in favor for the bulls as well.
© Dukascopy Bank SA