© Dukascopy Bank SA
- Hans Kunnen, St. George Bank Ltd (based on Bloomberg)
Pair's Outlook
Yesterday's trading session in USD/JPY pair started at 80.00, there was a few swings below the level with tops very close to a 80.00 level benchmark. However, the final movement was a rapid decrease till the 79.36 level, where the 200-day SMA goes. This area provided a sufficient support power to stop a depreciation, therefore the price is currently increasing. If the price stays in the lower Bollinger line part after correction, it is very likely to see the further price decrease till the 78.85/70 area, where the 55-day and 100-day SMAs converge with the weekly S2.
Traders' Sentiment
Bullish traders in SWFX market strengthen their positions even further, as the buy side currently consist ofs 71% and the sell side of 29%. Distribution of pending orders is extremely significant, since 82% are orders for buy and 18% for sell.
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