© Dukascopy Bank SA
- Brown Brothers Harriman (based on CNBC)
Pair's Outlook
After completing yet another bullish leg USD/JPY is undergoing a bearish correction at the moment. The setback should be held by the rising support line at 102.08 that has proven its reliability since the very beginning of November. Then the buck will be well-positioned to recommence a recovery, a course of events promoted by the majority of the monthly technical indicators.
Traders' Sentiment
The percentage of bullish with respect to USD/JPY traders fell even further after the weekend—at the moment they constitute 62% of the market (64% last Friday). At the same time the portion of buy orders set has notably increased—they take up 87% of the total amount.
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