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- CMC Markets (based on Bloomberg)
Pair's Outlook
The buying pressure may somewhat subside ahead of the resistance at 102.91 (weekly R3 and monthly R1), but this level should not pose a threat to the bullish outlook. The currency pair retains the positive bias mainly due to the 16-month up-trend support, which needs to stay intact for the U.S. Dollar to continue appreciating in the long run. Accordingly, at the moment USD/JPY is likely headed towards the April high near 104.
Traders' Sentiment
The bullish traders preserve a notable advantage over the bears, taking up 73% of the market. In the meantime, the share of the sell orders placed on USD/JPY 50 pips from the spot plummeted 17 points to 49%.
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