© Dukascopy Bank SA
- Gaitame.com Research Institute Ltd. (based on Bloomberg)
Pair's Outlook
Profit-taking on the pair's Nov 2012—Mar 2013 rise drags on, endangering the bullish trend-line that preserves the positive outlook. The price was expected to target 97.80 in the short run and 99.80 in a longer time perspective, but it appears that the current correction will take more time and effort from the bulls, who should wake up before USD/JPY falls below 93.17/92.58.
Traders' Sentiment
Three out of four (74%) market participants have preferred to go long on USD/JPY, believing that the upside potential of the pair has not yet been fully realised. As for the orders, 68% of them are to open a long position, revealing that many of the traders are planning to buy on dips.
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