© Dukascopy Bank SA
- Knightsbridge Foreign Exchange (based on Bloomberg)
Pair's Outlook
USD/JPY stopped short of touching the 100-day SMA, turned around and subsequently pierced through 102.90/78, thereby exposing the key cluster of resistance at 104.09/103.73. This area consists of the 55-day SMA, monthly PP and the 2013 highs, making it potentially dangerous for the nascent recovery. Still, given that the weekly and monthly indicators are bullish, the rally should carry on unhindered.
Traders' Sentiment
Little by little the bulls are crowing out the bears. At the moment the former take up 56% of the market, though on average for the last 10 days their share amounted to 44.5%. Speaking of the distribution between the orders, it is now more skewed towards the sell ones (56%).
© Dukascopy Bank SA