© Dukascopy Bank SA
- Bank of Tokyo - Mitsubishi UFJ Ltd. (based on Bloomberg)
Pair's Outlook
After a dip to an interception point of the weekly S2 and the Bollinger band at 92.91 yesterday, the pair recovered bullish impetus and soared sharply today. The price increased through the 55-day SMA at 93.94 easily and reached the weekly PP level at 94.25. The next resistances are located rather close, as the monthly pivot point merges with the 20-day SMA at 94.59 and most likely will form a substantial bearish pressure to resist transition to the upper part of the Bollinger band.
Traders' Sentiment
According to SWFX market data, USD/JPY is more likely to depreciate, since 57% positions are short. Placed order market signals about stronger bullish sentiments, since 69% of orders are waiting to buy the pair.
© Dukascopy Bank SA