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- National Australia Bank Ltd. (based on Bloomberg)
Pair's Outlook
USD/JPY started to erode the resistance created by the 20-day SMA and the weekly PP. However, even if it is overcome, there will still be the monthly PP, 55 and 100-day SMAs that are unlikely to give in easily. Accordingly, a pullback down to the up-trend at 97.04 remains a possibility. Nevertheless, the monthly technical indicators are strongly bullish.
Traders' Sentiment
Although during the last 24 hours the share of long positions has fallen by four percentage points (from 75% to 71%), an overwhelming majority of traders view the currency pair as bullish. Meanwhile, the distribution between the buy and sell orders is 62% to 38% respectivley.
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