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- Credit Agricole (based on MarketWatch)
Pair's Outlook
The currency couple still lacks bullish momentum in order to overcome the up-trend resistance line, thus increasing a possibility of yet another bearish correction. Even if this is the case, the retracement should not last for long, since USD/JPY retains explicitly bullish bias on all time-frames. Accordingly, the monthly pivot point at 104.09 is expected to provide sufficient support.
Traders' Sentiment
The negative with respect to the U.S. Dollar sentiments keep on strengthening. Currently as many as 65% of traders believe the U.S. Dollar is going to weaken relative to the Japanese Yen. Among the orders, the percentage of buy ones is on the decline—it retreated from 67% down to 63%.
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