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- IG Markets Securities Ltd. (based on Bloomberg)
Pair's Outlook
Once USD/JPY crossed the August high, it was immediately sold off because of the resistances scattered between the levels at 100.26 and 99.96. Accordingly, the currency pair is moving away from the monthly R1 and the weekly R2 at the moment with a chance to stabilise near the 100-day SMA at 98.98, which in turn is surrounded by the weekly R1 and the 55-day SMA.
Traders' Sentiment
The Japanese Yen started losing in popularity. Just recently in its currency pairs the Yen was chosen in 42 out of 100 cases. Today this percentage is considerably lower, only at 37%. Specifically in USD/JPY the ratio between the long and short positions is 65% to 35% respectively.
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