© Dukascopy Bank SA
- Nomura Securities Co. (based on Bloomberg)
Pair's Outlook
USD/JPY has been fluctuating in a narrow channel created by the monthly R2 at 96.36 and the weekly PP at 95.22 for almost a week. The Japanese Yen experiences a consolidation, as investors are concerned about an oversold situation of the currency. The RSI has a value of 85 in a weekly timeframe, indicating too rapid depreciation of the Yen.
Traders' Sentiment
Bulls continue entering SWFX market, as currently there are 82% of buy positions. Waiting orders segment is slightly less skewed towards the bullish side than the spot market, as it has 70% of buy waiting orders.
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