© Dukascopy Bank SA
- Barclays (based on Bloomberg)
Pair's Outlook
USD/JPY develops its success—it has already breached the 100-day SMA and is presently probing the resistance at 103.53/34, which mainly consists of the weekly R1 and 23.6% Fibonacci retracement level. Once this supply area gives in, it will pave the way towards the 2013 highs at 104. If after encountering this obstacle the pair retains an upward momentum, it could challenge this year's high at 105.43.
Traders' Sentiment
The distribution between the long (75%) and short (25%) positions stays perfectly unchanged, even though USD/JPY is not stationary and continues moving north. Concerning the orders placed on the pair, the difference between the amounts of buy and sell ones is minimal.
© Dukascopy Bank SA