© Dukascopy Bank SA
- FPG Securities (based on Reuters)
Pair's Outlook
Being that USD/JPY is in the proximity of the rising support line at 97.04, the currency pair is inclined to rise, although the outlook will stay bullish even if the rate falls another 100 pips. In order to rally however, the price will have to overcome a strong resistance zone between 98.17 and 98.82 that includes 55, 100, 200-day SMAs and weekly, monthly pivot points.
Traders' Sentiment
The sentiment among traders has become even more bullish towards USD/JPY since Friday, being that the portion of long positions has increased from 72% up to 75%. As for the orders placed on the pair, 64% of them are to buy and 36% are to sell the greenback against the Yen.
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