© Dukascopy Bank SA
- Societe Generale (based on CNBC)
Pair's Outlook
Despite being right next to the major rising trend-line USD/JPY is failing to commence a robust recovery, thereby calling into question U.S. Dollar's ability to outperform the Yen. Nevertheless, considering that the longer-term studies are bullish and the support at 101.86 stays intact, there are still chances the price is going to close above the resistance at 102.24/06 in the nearest future and then head towards one of its main goals at 104.13—this year's high.
Traders' Sentiment
The distribution between the bulls and bears remains stable—73% of positions are long and 27% are short. In the meantime, the ratio between the buy and sell orders is quite volatile—50 pips from the spot the share of the former surged from 47% up to 76%.
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