© Dukascopy Bank SA
- a trader at a European bank (based on CNBC)
Pair's Outlook
Although the very first attempt of USD/JPY to pierce through the resistance at 102.74/51 did not turn out to be successful yesterday, eventually the currency pair should violate this level and resume moving en route to the May high at 103.74, also the current location of the weekly R3. Afterwards the Dollar may target the Jan 2008 low that lies at 104.92.
Traders' Sentiment
The gap between the bullish and bearish bets on USD/JPY continues to narrow. While yesterday the distribution was 66% to 34% respectively, today it is already 64% to 36%. Meanwhile, the difference between the buy (77%) and sell (23%) orders seems to be a little more stable.
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