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- Sumitomo Mitsui Banking Corporation (based on CNBC)
Pair's Outlook
As soon as USD/JPY fell to 102.97/78, the bulls jumped into action. However, it is too early to say whether this buying pressure will suffice in order to fully negate the latest bearish momentum, but the chances are in favour of a rally. The interim resistance is at 103.39/38, but it is unlikely to influence the currency's behaviour to a large extent, the up-move will target 104.09/00.
Traders' Sentiment
The bearish towards the U.S. Dollar sentiment is weakening—at the moment 61% of traders reckon it is going to depreciate, whereas yesterday 66% of positions were short. Among the orders placed on USD/JPY, 56% are to enter the market with a buy trade and 44% are to sell the buck.
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