© Dukascopy Bank SA
- Barclays (based on CNBC)
Pair's Outlook
The demand zone at 101.19/00, consisting of the 50% Fibo and monthly S1, was supposed to give the bulls strength to commence a rally, but seems to be already exhausted as a result of numerous tests during the last three months. If it does not manage to halt the current downward tendency, USD/JPY will be expected to target 100.18/06, even though at the moment the monthly studies are mostly giving ‘buy' signals.
Traders' Sentiment
The bullish sentiment towards the U.S. Dollar weakened, as the share of the long positions declined from 74% down to 70%. At the same time the percentage of the buy orders 50 pips from the spot price advanced from 67% to 71%.
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