© Dukascopy Bank SA
"Dollar-yen is looking more negative. You've got two very, very long-term levels of resistance directly above the market."
- Commerzbank (based on Bloomberg)
Pair's Outlook
Thought USD/JPY has seemingly broken the up-trend to the downside, the pair gained a foothold above 119 once again. As a result, the US Dollar received yet another opportunity to challenge the resistances at 121 and 121. If the rate fails to surpass the 2014 high, it should be well-supported at 118.00/117.50, where the 23.6% Fibo coincides with the 55-day SMA. Alternatively in case the bulls succeed—the 2007 high at 124 will become the next target.
Traders' Sentiment
The distribution between the longs and the shorts is more or less stable—57 to 43%, respectively. At the same time, the difference between the buy and sell orders widened, from 28 to 36 percentage points in favour of the former.
© Dukascopy Bank SA