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"Some investors may think the recent rally in dollar-yen has been a bit over-extended and it's time for a bit of a correction. We've recently got confirmation of a technical recession in the euro zone, so going ahead things are still pretty uncertain"
- Forecast Pte (based on Reuters)
Pair's Outlook
Yesterday trading session was very volatile, as the price moved sharply up, peaking at 82.83 and after that gradually retreated down. Currently, the price is traded around 82.30 and is very close to the 55-day SMA at 82.08, from which it is very likely to rebound and retest the last top. In case the upside movement loses its momentum, there is a lot of free area to decrease and the first support level should be met around the 81.57/30 area.
Traders' Sentiment
USD/JPY pair is controlled by bulls to a significant extent, as 74% of market is composed of buy positions and only 26% of sell positions. Placed orders segment supports an upside tendency even more, as 86% orders are bullish and only 14% are bearish.
© Dukascopy Bank SA