© Dukascopy Bank SA
- a trader in Sydney (based on Reuters)
Pair's Outlook
The downside risk did not materialise and the currency couple maintains its course north, towards the nearest resistance at 98.40/05. There USD/JPY is to encounter the weekly R1 with 20 and 55-day SMAs, but is expected to preserve bullish momentum and advance further. Next hurdle will be represented by the 100-day SMA, together with the monthly pivot point at 99.15/98.98.
Traders' Sentiment
The bulls are continuously keeping a tight grip on USD/JPY—74% of traders believe the exchange rate will go up in the future, while fluctuations in the share are minimal and do not result in the figure dropping below 70%. Pending orders are more active in this respect, the share of buy ones added 10 percentage points overnight and rose to 54%.
© Dukascopy Bank SA