© Dukascopy Bank
"The markets are in risk-off mode because everyone is thinking, if Greece leaves the euro, who's next?"
- Mitsubishi UFJ Morgan Stanley (based on Reuters)
Pair's Outlook
USD/JPY has finally managed to overcome a downtrend resistance and should now focus on inching higher in pursuit of levels that lie overhead. Intermediate resistance is located at 80.38, followed by 80.49 and 80.90/98. As long as the currency couple remains trading above 80.11, which is reinforced by 79.84 and 79.61, the bias should stay bullish.
Traders' Sentiment
Liquidity consumer (SWFX) sentiment index for USD/JPY remains bullish to a large extent, given preponderance of bullish traders, as they form more than 73% of the market at the moment. However, the advantage of buy orders 100 pips from the current prices is not as significant, since they compose 57% of the total amount of commands.
© Dukascopy Bank