USD/JPY fights 55-day SMA

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"We think [Yellen] will back away from that notion [Fed's hawkishness] and as a result the dollar could give back some gains."
- Forex.com (based on MarketWatch)


Pair's Outlook

As expected, before re-challenging the 55-day SMA, USD/JPY returned back to the support at 102. Now the currency pair appears to be in a better position to overcome 102.36/26 and thereby get closer to the resistance at 103.03/102.76, which in turn consists of the 100-day SMA and the monthly R1. Still, we should note that the near-term technicals are not in favour of a rally at the moment.

Traders' Sentiment

The share of long positions (71%) in the SWFX marketplace declined three percentage points, but the traders are still heavily biased towards U.S. Dollar's appreciation. As for the orders placed on USD/JPY, there is not significant difference between the buy (52%) and sell (48%) ones.
© Dukascopy Bank SA

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