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- Barclays (based on The Business Times)
Pair's Outlook
The USD/JPY currency pair posted more gains on Wednesday, but they were limited by the eight-month resistance line at 103.55. Consequently, the American Dollar is now likely to undergo a correction, which could cause the given pair to slide back under the 103.00 major level, at least from the technical point of view. Aggregate technical studies, on the other hand, are unable to confirm the possibility of the negative outlook, as they keep giving mixed signals. Furthermore, there is a relatively large number of supports under the 103.00 mark, all having the potential to cause a bullish outburst if some demand is sufficient.
Traders' Sentiment
Bulls retreated again, as 65% of traders hold long positions today (previously 66%). The buy and the sell order ratio is now equal to one.
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