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- Rochford Capital (based on Bloomberg)
Pair's Outlook
USD/JPY has performed a notable decrease yesterday, as the price has slightly passed the weekly PP at 87.49. The major Asian currency pair remains in a bullish trend—above the 20-day and 55-day SMAs, but experiences an oversold situation - the RSI has slipped to 69. The closest support levels are at 86.58, the weekly S1, and the 20-day SMA at 85.94. In case a bullish impetus renews, the next resistance level is at 88.41, the monthly R1.
Traders' Sentiment
SWFX market traders have reached an equilibrium in USD/JPY pair, as the buy side has control over 52% of positions and the sell side over 48%. Pending orders situation keeps a strong support for a further appreciation, since 86% of orders are buy and 14% are sell.
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