© Dukascopy Bank SA
-Commonwealth Foreign Exchange Inc. (based on MarketWatch)
Pair's Outlook
Despite the fact that the Bank of Japan announced a significant enhancement of the monetary easing programme recently, the pair struggles to overcome a 100 benchmark. Currently the pair fluctuates just above a 99 level, but lacks stronger bullish sentiments to settle higher. Considering a retreat, the first support should be located at 98.50, where the weekly PP intersects the 20-day SMA.
Traders' Sentiment
Distribution of long and short positions is skewed to the buy side, since 64% of orders are orientated for potential gains from an upside move. Placed orders segment remains heavily bullish with 77% of buy orders.
© Dukascopy Bank SA