© Dukascopy Bank SA
- Bank of New Zealand Ltd. (based on Bloomberg)
Pair's Outlook
The 200-day SMA failed to buoy the greenback, but it seems that a combined demand, created by the supports from 97.50 to 97.00, will be able to prevent an increase in the losses. Still, USD/JPY needs to gain a foothold above the moving averages for 55, 100 and 200 periods in order to confirm its bullish intentions and resume the trend started a year ago.
Traders' Sentiment
Right now three out of four market participants view the U.S. Dollar as a bullish currency compared to the Japanese Yen; yesterday 71% of open positions were long. Another positive sign for USD/JPY is that most (64%) of the orders placed on the currency pair are to buy the Dollar.
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