© Dukascopy Bank
"You still have massive problems in Europe and there are a lot of concerns about the slowdown in China. There's pressure on all Asian currencies at the moment"
- Standard Chartered Plc. (based on Bloomberg)
Pair's Outlook
USD/JPY is challenging a downtrend resistance at 79.81 yet another time, but these attempts are expected to continue to fail as long as the pair does not encounter a tough support situated at 77.04/76.94, where, in turn, a strong bullish momentum should be reignited. Afterwards the downtrend resistance and some of the subsequent resistance will be overcome en route to 82.61.
Traders' Sentiment
There is no change observed with respect to the disposition of long and short positions on USD/JPY since the last report yesterday, as they constitute 73% and 27% of the market, accordingly. Regarding the orders placed 200 pips from the current price, the situation is not as unequivocal, since 55% of them are to buy the pair, while 45% are to sell it.
© Dukascopy Bank