© Dukascopy Bank SA
- Bank of New Zealand (based on Bloomberg)
Pair's Outlook
USD/JPY eases its appreciation pace as it gets closer to a 103 level. Seems that this level contains rather strong supply and a lot of traders are ready to sell the pair there, thus the price advances so slowly. Considering further appreciation, the pair might be stopped around a 103.97 level, where the monthly R2 intersects the Bollinger band. In case the U.S. Dollar reverses and starts to depreciate, it might be stopped around a 101.56 level, where the weekly S1 merges with the major support.
Traders' Sentiment
Investors in USD/JPY pair demonstrate a bullish exposure, since 65% of opened positions are long. Waiting orders market waits for short-term drops, since there are 66% of buy orders to acquire the buck at more favourable levels.
© Dukascopy Bank SA