© Dukascopy Bank SA
"Last week's decline was huge, so investors are going to be buying on dips. While the U.S. jobs market is improving, it's not enough to exit monetary easing."
- Mitsubishi UFJ Morgan Stanley Securities Co. (based on Bloomberg)
Pair's Outlook
Looking in to the pairs' activity in the last few days it seems that it is posing for a rally. Pair has bounced from 95 JPY last week and it seems it has found support with the weekly PP at 98 JPY this week. Short term technicals, however, point at depreciation of the pair. At the same time the readings are rather unclear and it is impossible to draw strong conclusions from it.
Traders' Sentiment
Every 3 out of 4 market participants have already bought the greenback against the yen. This illustrates a 5% increase in bullish sentiment after the weekend. Majority of pending orders, 62% if to be more specific, are set to increase the strength of the bulls further.
© Dukascopy Bank SA