© Dukascopy Bank SA
- a Japanese bank trader (based on Reuters)
Pair's Outlook
USD/JPY failed to return above the up-trend it has been respecting since October, and, as a result, slid further, below the support formed by the monthly PP and the 2013 highs. Right now the currency pair is eroding 103.64/39, which will pave the way towards a stronger support area at 102.90/78. Here the buying pressure may stop the U.S. Dollar from ceding even more ground.
Traders' Sentiment
Bearish with respect to the greenback sentiments persist—66% of the open positions imply that the currency is going to underperform the Japanese Yen. Still, this attitude may soon change, since there is a significant number of buy orders 100 pips from the spot, namely 59% of the total amount.
© Dukascopy Bank SA