© Dukascopy Bank SA
"Abe's growth strategy has already been priced in, getting rid of buying opportunities. Japanese shares and the yen have corrected a lot to the point where some investors may as well buy the stocks. But we are not seeing buying because the global market is volatile ahead of a U.S. jobs report."
- Nissay Asset Management Corp. (based on Bloomberg)
Pair's Outlook
Today, as yesterday, pair has dipped to 96 JPY mark. This might be taken as a serious indication that pair has reached a major turning point and might resume its rally. Probability of such scenario is supported by the readings of the RSI and the Stochastic indicators in the short term and the fact that on the 1st of May and 15th of April pair already unsuccessfully tested this level.
Traders' Sentiment
Bulls are continue to dominate in the market. Their presence remains at 70% strong. Clear majority (61%) of pending orders are set to further strengthen the positions of bulls.
© Dukascopy Bank SA