© Dukascopy Bank SA
- Bank of New York Mellon (based on Bloomberg)
Pair's Outlook
Without reaching the monthly R1 level at 103.50 USD/JPY proved to be well-supported at the moment and returned to the resistance at 104. This supply area is composed of the 2014 Q2 high and monthly R2, making it difficult for the bulls to cross. Nevertheless, the bias is to the upside, also because of the daily and monthly technical indicators, most of which are presently pointing North. The medium-term target is this year's high at 105.50.
Traders' Sentiment
The market is undecided regarding USD/JPY, as the gap between the bull and bears is only six percentage points in favour of the former. But there is a significant skew in favour of the buy orders near the spot—they amount to 64% of all pending commands.
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