© Dukascopy Bank SA
"I think corporate clients are being enticed to re-hedge ahead of quarter-end given the likely confirmation of a new dovish Bank of Japan board complexion Friday."
- Credit Agricole (based on The Wall Street Journal)
Pair's Outlook
Pair has appreciated by more than 80 pips in the last few days and, according to the short and medium term technicals, is likely to maintain bullish direction. If this prevails, first obstacle will be found at monthly R2 at 96.36 around where pair dipped by 100 pips few days ago.
Traders' Sentiment
Share of bulls in the market decreased by substantial 10%, but they continue to hold clear majority in the market accounting for 70% of market participants. Pending orders remain at 72% gauge in favour for the bulls as well.
© Dukascopy Bank SA