© Dukascopy Bank SA
- Westpac (based on Reuters)
Pair's Outlook
The pair failed to maintain momentum and dipped below the weekly R1/monthly PP today. It is rather likely this sell off will continue at least for a few more days, but it is important what will be the opening price in the new week. Above the 139.24/42 could provoke a rally till 140 JPY, whereas below the 20 day SMA might cause a sell off till monthly S1 in the first days of the week.
Traders' Sentiment
Bulls now hold 56% of all of the open positions on the pair. That is the highest level in the past 100 trading days. In addition, bullish side of pending orders expanded by at least 7% and is at 54-68% level depending on the range around current market price.
© Dukascopy Bank SA