© Dukascopy Bank SA
- Shinzo Abe, Japan's Prime Minister
Pair's Outlook
As expected, the key supports were able to underpin the U.S. Dollar and help it close the bearish gap. However, the resistance zone at 98.49/25, formed by the 55 and 100-day SMAs together with the weekly PP, is not letting the bullish sentiment to be realised in full. Another obstacle USD/JPY will encounter on the way upwards is a cluster at 98.97/82, where the monthly pivot point merges with the weekly R1 and 20-day SMA.
Traders' Sentiment
After yesterday's rally of the Dollar against the Yen there are even more bulls than before—they now take up 73% of the market. At the same time the portion of buy orders dropped by a significant amount, from 80% to 63%.
© Dukascopy Bank SA