© Dukascopy Bank SA
- UBS (based on Reuters)
Pair's Outlook
After five straight days of gains USD/JPY continues to rise, although we were expecting it to delay the rally in the presence of the resistance at 104.92/61. Right now the currency pair is headed towards 105.86/85, which may prove to be a more formidable supply area, formed by the monthly R2 and the weekly R1, but should nonetheless eventually give way for the advancement.
Traders' Sentiment
The bullish market participants preserve their advantage in numbers over the bearish ones—right now the difference between them amounts to 14% percentage points. As for the orders, the ones to acquire the U.S. Dollar against the Japanese Yen are in a majority—72% within 50 pips and 69% within 100 pips from the spot.
© Dukascopy Bank SA