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- Stifel Nicolaus (based on MarketWatch)
Pair's Outlook
USD/JPY fails to get traction and leave 102.04 behind, which is the 38.2% Fibonacci retracement of the November-December rally. Nevertheless, given there are even stronger supports below, such as the 200-day SMA, monthly S3 and 12-month up-trend, in the long-term the U.S. Dollar is set to continue appreciating. But first it needs to climb over the resistance at 103.34/04.
Traders' Sentiment
Regardless of the greenback's directionless fluctuation, more and more traders become convinced that the Japanese Yen is to underperform. Right now 59% of positions o USD/JPY are long and 41% are short. As for the orders, 57% are to buy and 43% are to sell the buck, specifically 100 pips from the spot.
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