© Dukascopy Bank SA
- a trader at a Japanese bank (based on Reuters)
Pair's Outlook
USD/JPY starts the week with a more than 100 pips wide void to the upside, proving topicality of a rising support line at 93.52/14, which did not allow further development of a dip. Now it would be reasonable to assume that the pair will slip, but should soon regain bullish impetus and challenge a dense resistance area at 95.33/94.93 that separates the spot price from a bullish trend-line at 96.19.
Traders' Sentiment
Conviction of market participants that USD/JPY will be able to keep up climbing higher has been notably damaged, as the portion of bulls has fallen to 59%. As for the orders placed on the currency pair, most of them (72%) are to acquire the greenback against the Japanese Yen.
© Dukascopy Bank SA