© Dukascopy Bank SA
- Daiwa Securities (based on CNBC)
Pair's Outlook
The short-term prospects of USD/JPY are now somewhat clouded, being that some of the daily technical studies turned bearish ahead of the resistance at 99.87/76, even though it is formed only by the weekly R1 and the Bollinger band. Meanwhile, in the long run the currency pair retains the potential to advance—five out of eight indicators are giving ‘buy' signals on a monthly time-frame.
Traders' Sentiment
Although the U.S. Dollar continues to increase in value, the share of bullish towards USD/JPY market participants is not decreasing. At the moment 73% of traders reckon the up-trend will persist and only 27% consider that the probability of the price falling from here is higher.
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