USD/JPY fights 100-day SMA and up-trend

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The payrolls report confirmed that from a macroeconomic perspective the U.S. economy is growing. Based on fundamentals, recent dollar buying should continue."
- Sumitomo Mitsui Trust Bank (based on Bloomberg)

Pair's Outlook

USD/JPY has just encountered the 100-day SMA and up-trend resistance line at 102.13. If this resistance withstands the buying pressure, it will most likely bring the bad news for the support at 101.20, which then will be expected to be breached. But if the momentum is preserved and the 200-day SMA is also removed from the way, the rally could extend up to this year's high at 104, a scenario suggested by the monthly indicators.

Traders' Sentiment

The bullish sentiment towards USD/JPY strengthened, being that now 75% of the SWFX market participants believe the U.S. Dollar is going to appreciate relative to the Japanese Yen instead of 71% observed yesterday.
© Dukascopy Bank SA
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