© Dukascopy Bank SA
- DailyFX (based on CNBC)
Pair's Outlook
After a brief reprieve last Friday USD/JPY resumed its rally—the price is already testing the resistance represented by the monthly R3 and the weekly R1. Once this obstacle is overcome, the currency pair should target the May high at 103.74/67. The weekly R2 that stands in-between these levels is highly unlikely to hold the bullish momentum for long.
Traders' Sentiment
Since the previous report published last Friday the share of bullish towards USD/JPY market participants has contracted by four percentage points, namely from 73% to 69%. Nevertheless, the difference between the proponents of a rally and the proponents of a dip remains vast.
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