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Pair's Outlook
The setup has become even more bullish for USD/JPY than it was yesterday, as the currency pair has confirmed the broken trendline, meaning the US Dollar is willing to keep advancing north. The first target is the latest September 2 high, but the price should have no trouble rising towards the weekly and monthly R1s at 104.94/79, considering the daily technical indicators. Additional resistance is at 105.29, represented by the 100-day SMA, while support is at 103.00/102.81, and it may not be long before this demand area comes into play, as weekly indicators are mostly giving ‘sell' signals.
Traders' Sentiment
SWFX sentiment remains bullish, with 64% of traders expecting the Greenback to appreciate. Meanwhile, orders are almost evenly distributed between the buy (48%) and sell (52%) ones.
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