© Dukascopy Bank SA
- BNP Paribas (based on Reuters)
Pair's Outlook
Successfully using the up-trend support line at 101.26 as a springboard, USD/JPY was able to pierce through the 101.88/80, consisting of the monthly R3 and the weekly R1. Now, after a brief consolidation, the pair is expected to aim for the weekly R2 at 102.51. Then there will be only 120 pips separating the pair from the May high.
Traders' Sentiment
As a result of sharp gains made by USD/JPY, the gap between the amounts of long and short positions contracted. Still, the former (66%) remain in a distinct majority over the latter (34%). At the same time 78% of traders are planning to acquire the U.S. Dollar against the Yen.
© Dukascopy Bank SA