© Dukascopy Bank SA
- Union Bank (based on Bloomberg)
Pair's Outlook
Without any particular difficulty USD/JPY closed above the monthly PP and 200-day SMA, posting a fourth daily gain in a row and opening a path towards the July high at 103. In case the currency pair manages to gain a foothold above this point, among the significant resistances there will only be the monthly R1 at 103.50 guarding the 2014 Q2 high. Meanwhile, any fluctuations to the North from 101.53 should not endanger the bullish outlook.
Traders' Sentiment
As the U.S. Dollar appreciates, it seems that little by little traders are starting to take profits, being that the share of longs is slowly declining. The percentage of buy orders 50 pips from the spot also dropped, from 59% to 46%.
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