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- Oanda Corp. (based on Bloomberg)
Pair's Outlook
The recent rebound from the 50% Fibo keeps suggesting that a short-term recovery towards the current descending channel's resistance line is likely to take place. On the other hand, daily technical indicators imply the USD/JPY currency pair is to sustain a loss today, with the weekly PP at 101.76 acting as the immediate support. In any case, the overall outlook is to remain bearish, as long as the key resistance remains intact, meaning that the current recovery might be short-lived. However, it is uncertain whether bears will be able to push the exchange rate significantly below the support area of 100.70.
Traders' Sentiment
Bullish traders' sentiment keeps fading, as 58% of traders are long the Buck (previously 60%). Meanwhile, the portion of buy orders declined from 59 to 55%.
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