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- RBC Capital Markets (based on MarketWatch)
Pair's Outlook
USD/JPY ignored presence of the weekly and monthly pivots at 101.77/75 and soared above the 38.2% Fibo retracement level. And even though daily and weekly indicators remain largely silent, probability of further advancement increases. Once the support at 102.12/00 proves to be reliable, the U.S. Dollar will be ready to challenge a cluster of SMAs (55 and 100-day) just below 103.
Traders' Sentiment
Although there are relatively less people than yesterday considering that the greenback is going to appreciate, they still take up an overwhelming majority of the market, namely 71% of it. As for the orders, 55% are to purchase and the remaining 45% are to sell the buck against the Japanese Yen.
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