© Dukascopy Bank SA
- BK Asset Management (based on CNBC)
Pair's Outlook
Although yesterday it appeared that the support at 102.11/101.92 will not manage to prevent a sell-off, in the end the 38.2% Fibo, in conjunction with the weekly PP and the 20-day SMA, stopped the decline. Now, if USD/JPY gains a foothold above the 100-day SMA, it might become a strong argument in favour of further advancement, up to the monthly pivot point at 103.04.
Traders' Sentiment
Traders have gotten even more optimistic regarding USD/JPY's potential—now 74% of open positions (72% yesterday) are to profit from U.S. Dollar's appreciation relative to the Japanese Yen. Meanwhile, there has been a significant decrease in the buy positions, their share has dropped from 76% down to 62%.
© Dukascopy Bank SA