© Dukascopy Bank SA
- UBS AG (based on CNBC)
Pair's Outlook
The pair is noticeably higher today, as the price increased to the weekly pivot point at 101.83. Seems that bearish correction was only a speculative move, which failed as the pair reached the 20-day SMA at 101.50. Together with international sentiments shifting towards U.S. Dollar based assets, USD/JPY should also continue its upward tendency with the first goal around a 104 level, where the monthly R2 intersects the Bollinger band.
Traders' Sentiment
The gap between bulls and bears in USD/JPY pair is one of the most constant among major currency pairs in the market. Today bulls maintain a 72% share and wait for a further greenback's appreciation. Waiting orders market is bullish with 69% of orders waiting to buy the Dollar.
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