© Dukascopy Bank SA
- Mizuho Securities (based on Reuters)
Pair's Outlook
As was anticipated, the US Dollar outperformed the Yen on Monday, but was unable to climb over the 105.00 major level, despite volatility stretching beyond that area. Nevertheless, the pair managed to preserve the five-week up-trend, thus, more bullish momentum is expected to follow. Meanwhile, technical indicators retain bullish signals, bolstering the possibility of the positive outcome. The Bollinger band keeps providing immediate resistance, now around 105.16, which is likely to be the ceiling for today's gains if the 105.00 level is overcome.
Traders' Sentiment
Bears keep taking over the market, as now 57% of all open positions are short, compared to 55% previously. At the same time, the portion of buy orders added 2% points, rising to a total of 56%.
© Dukascopy Bank SA