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- CIBC World Markets (based on Reuters)
Pair's Outlook
Right now USD/JPY is trading at the upper boundary of the falling wedge pattern. Should the currency pair breach the resistance at 101.80/57, the U.S. Dollar will be likely to sharply appreciate, possibly taking a break only near the monthly PP and the 23.6% Fibo at 103.34/102.96. The next major objective will then become the January high at 105.43.
Traders' Sentiment
The sentiment of the SWFX market towards USD/JPY is heavily bullish, being that an overwhelming majority of open positions are presently long, namely 73% of them. Meanwhile, there is no significant difference between the numbers of buy (52%) and sell (48%) orders placed on the pair.
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