© Dukascopy Bank SA
- Commonwealth Bank of Australia (based on Bloomberg)
Pair's Outlook
As it turned out, USD/JPY is still in a consolidation phase, since the pair failed to cross the 110 mark and approach the 2008's maximum. However, the sell-off should soon give way for a rally, being that the price has already reached the up-trend at 108.50 and the technical indicators are mostly giving ‘buy' signals. But if the demand here turns to be insufficient, the bulls will have another opportunity to recover at 108.
Traders' Sentiment
The bears preserve a slight advantage over the bulls—the former take up 58% of the whole market. On the other hand, there is a large number of buy orders placed 100 pips from the spot price—66%.
© Dukascopy Bank SA