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- Kenichi Asada, Trust & Custody Services Bank. (based on Reuters)
Pair's Outlook
Even though 99.98/42 has not yet been breached, it is probably going to let USD/JPY to step lower. The interest in buying the U.S. Dollar against the Yen was not strong enough to throw the pair above the up-trend resistance line at 100.39, which is the monthly pivot point as well. This would have restored confidence in the pair's bullish long-term outlook, but now we may expect an even deeper correction.
Traders' Sentiment
Traders' sentiment is largely unchanged with regards to USD/JPY currency couple. An absolute majority (72%) of traders is still waiting for continuation of the rally that for now is unwilling to re-emerge. Meanwhile, the percentage of buy orders increased up to 69% from yesterday's 66%.
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