© Dukascopy Bank SA
- MassMutual Life Insurance (based on Reuters)
Pair's Outlook
After yesterday's drop, as the pair slipped from the weekly R1 at 103.60 to the weekly pivot point at 102.43, USD/JPY depreciates further and seems that it settled beneath the recent support level at 102.00. Today the price had already tested the 20-day SMA at 101.17, but retreated back to the weekly S1. Considering further depreciation, the pair should step below 101.55 and thereby pave the way towards 99.51.
Traders' Sentiment
The gap between the bulls and bears increased even more, since the buy side enlarged to 75%. Waiting orders segment is heavily bullish with 69% of buy orders placed, showing traders' willingness to earn from further appreciation.
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