© Dukascopy Bank SA
- Bank of Tokyo-Mitsubishi UFJ (based on Bloomberg)
Pair's Outlook
USD/JPY is struggling to pass through the formidable resistance at 102.38/16, which is required for a bullish outlook to be confirmed. However, the task is a difficult one, being that this supply zone consists of the major up-trend and 100-day SMA, among other studies. Therefore there is a high chance that the U.S. Dollar will retreat back to 101.68/46, where it is going to be underpinned by the 200-day SMA.
Traders' Sentiment
While the percentage of the bulls in the market stays at elevated levels, namely at 74%, the number of buy orders is growing. During the last 24 hours their share 50 pips from the spot price increased from 47% up to 64%.
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