© Dukascopy Bank SA
- JPMorgan Securities (based on Bloomberg)
Pair's Outlook
USD/JPY experienced a down-side correction yesterday, as the price sharply exceeded the upper line of the Bollinger band. The pair slipped to the weekly PP level at 92.01 and is currently looking for a further direction. It is likely to see a test of a 93.70 level or even a 94.00 benchmark, as there lies the 38% Fibonacci retracement from its peak in 2007 and the weekly R1 resistance.
Traders' Sentiment
The majority of trading positions are still bullish, as 59% are long and 41% are short. Pending orders segment is even more bullish, as 76% of waiting orders are for a bullish position and 24% are for a bearish.
© Dukascopy Bank SA