© Dukascopy Bank SA
- Australia & New Zealand Banking Group Ltd. (based on Bloomberg)
Pair's Outlook
Judging by the fact that the monthly PP and at the same time the 2013 highs did not stop the buck from appreciating, USD/JPY is likely to preserve the upward momentum. The closest significant resistance is 104.63/36, but we should expect the recovery to persist until the up-trend resistance line at 105.87/68 is reached. The technical indicators also suggest that the price is bullish.
Traders' Sentiment
As a result of a recent surge, more traders decided to short the buck, but the increase was insignificant—the share of bears grew from 61% up to 62%. As for the orders placed on USD/JPY, just as yesterday, a slight majority of them are to acquire the U.S. Dollar, specifically 56%.
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