© Dukascopy Bank SA
- Francesco Scotto, RTFX Fund Management Ltd. (based on Reuters)
Pair's Outlook
Despite the falling trend-line at 97.64 being in the way, USD/JPY has successfully rallied and is already trading above the 200-day SMA that also posed a considerable threat to the upward momentum. Now, considering the monthly studies that are bullish, the currency pair has to overcome the moving averages for 55 and 100 days in order to approach the September high at 100.62.
Traders' Sentiment
Because of USD/JPY's sharp rise yesterday the share of Dollar-long market participants fell six percentage points, but the SWFX sentiment is nonetheless strongly bullish—67% of positions are still long on the greenback. As for the orders, 66% of them are to increase the share of long positions in case they are triggered.
© Dukascopy Bank SA