© Dukascopy Bank SA
- Commerzbank (based on CNBC)
Pair's Outlook
Yet another attempt of USD/JPY to cross the resistance at 103.49/34 failed and it returned back to the support at 102.93/71. Here the currency pair is underpinned by the monthly R1 and SMAs for 55 and 100 days. Consequently, extension of the yesterday's dip is unlikely. Instead, the U.S. Dollar should now receive impetus in order to surpass the 23.6% Fibo and get closer to the 2013 highs.
Traders' Sentiment
The SWFX market participants did not react to the poor performance of the greenback relative to the Japanese Yen. Just as on Tuesday, 73% of open positions are long and 27% are short. As for the orders set on USD/JPY 100 pips from the spot, 71% are to buy and 29% are to sell the buck.
© Dukascopy Bank SA