© Dukascopy Bank SA
- Sumitomo Mitsui Banking (based on Bloomberg)
Pair's Outlook
USD/JPY is set to attain a new high, as the price has reached a 94.00 benchmark and peaked at 94.05. Currently, the pair is just over the Bollinger band and a resistance area made out of the weekly and monthly R1 levels. More importantly, at a 94.00 lies the 38% Fibonacci retracement level, which is calculated since the peak in summer of 2008.
Traders' Sentiment
Bulls ease their positions, as the buy side shrunk to 56% and the sell side increased to 44%. However, traders enjoy a current appreciation and ignore overbought signals. Pending orders market is ready to supplement current bullish positions, as 71% of orders are buy and only 29% are sell.
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