© Dukascopy Bank SA
- St. George Bank (based on Bloomberg)
Pair's Outlook
The bearish risks were not realised, and the pair soared up to 105.50—a major obstacle for further advancement, since this year's highest point. In case this resistance is eventually broken, USD/JPY will most likely set sail towards 110.70—the 2008 high. But if the bears do not let the price to rise, there are strong demand areas at 104 (2014 Q2 high), 103 (July high and monthly PP), and especially at 102 (up-trend and 200-day SMA).
Traders' Sentiment
After being bearish 24 hours ago, the sentiment returned to being neutral, as 45% of positions are long and 55% of them are short. There is no more significant difference between the buy (55%) and sell (45%) orders as well (100 pips from the spot).
© Dukascopy Bank SA