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- Yasuhiro Kaizaki, Sumitomo Mitsui Trust Bank Ltd. (based on Bloomberg)
Pair's Outlook
Right now the U.S. Dollar is well-positioned to venture north. Firstly, from beneath the rate is underpinned by a strong support zone, consisting of several notable moving averages and the weekly PP. Secondly, most of the monthly technical indicators are giving ‘buy' signals. The only strong resistance USD/JPY will then have to overcome is 99.36/12, it is formed by the weekly and monthly S1.
Traders' Sentiment
The bulls have lost two percentage points since the last report, but still take up an overwhelming majority of the market, namely 72% of it. The advantage of buy orders in the meantime is little less pronounced, though nevertheless is still impressive, currently their share amounts to 68%.
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