© Dukascopy Bank SA
- Nomura (based on Bloomberg)
Pair's Outlook
The bullish impetus USD/JPY received a day earlier proved to be insufficient to result in a breach the monthly PP and the 38.2% Fibo. Now, if the pair does not stop sliding near 101.77, it may return back to 101, the level which is unlikely to let the price to extend the decline. Even if the Dollar dives beneath this support, the 200-day SMA, coupled with the monthly S1, will be expected to help the currency to quickly regain the lost ground.
Traders' Sentiment
The gap between the long (71%) and short (29%) positions remains perfectly unchanged compared to yesterday's reading, as an overwhelming majority of SWFX market participants are betting on the U.S. Dollar.
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